Tesla shares drop as Elon Musk’s ‘battery day’ disappoints
Shares in the electric-vehicle maker dropped 7.5% after much head-scratching over Musk’s highly technical new batteries and promises presentation
New York/Bengaluru — Tesla shares slumped in early Wall Street trading as investors and analysts tried to make sense of CEO Elon Musk’s highly technical “battery day” presentation that set lofty targets but was hazy on near-term execution.
Tesla shares slumped 7.5% in early Wednesday trading, wiping out more than $30bn in market value from Tuesday’s close. Analysts and investors were divided over whether Musk can deliver on his visions of novel, proprietary Tesla batteries that could make electric cars competitive with mass market, petroleum-fueled cars...