Tesla slides ahead of “Battery Day” as Musk downplays the event

Tesla (TSLA.US) extends losses ahead of “Battery Day” scheduled for 9:30 pm BST today. As some investors were hoping for crucial announcements concerning latest improvements in Tesla’s battery technology, Elon Musk surprisingly downplayed the role of today’s event. Tesla’s CEO tweeted that the company would increase battery cell purchases from Panasonic, LG & CATL. “However, even with our cell suppliers going at maximum speed, we still foresee significant shortages in 2022 & beyond unless we also take action ourselves,” he warned. Moreover, Musk added that scaling production of new technology might be harder than expected (definitely much harder than making a few prototypes).

Tesla (TSLA.US) stock is still well above an upward trendline. Even though shares dived due to Elon Musk’s announcement, the key support remains at $335 mark. Should negative moods prevail after the event, investors might focus on the 23.6% Fibo retracement in the short-run. Source: xStation5

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