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Tesla’s value drops $70b despite Elon Musk promising a cheaper battery in three years – ABC News

Investors slash more than 10 per cent from Tesla’s value after Elon Musk’s oft-touted “Battery Day” fails to deliver two significant expected announcements.

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Investors have slashed $US50 billion ($70 billion) from Tesla Inc’s market value despite CEO Elon Musk’s promise to cut electric vehicle costs so radically a $35,000 car that drives itself will be possible, but not for at least three years.
Key points:

  • Tesla CEO Elon Musk promised an “affordable” electric car in three years but did not deliver a specific cost-reduction target for batteries
  • A market analyst said Mr Musk’s announcements delivered “nothing tangible”
  • Tesla …

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