Tesla’s value drops $50bln on new promises from Musk
The company plans to make a $25,000 electric vehicle three years from now
Stocks impacted: Tesla Inc (TSLA)
Elon Musk said Tuesday that Tesla is working on cheaper, more powerful batteries for its electric cars, with the advances could ultimately cut battery costs more than 50%, and the car would be "fully autonomous." That would set the stage for the company to make a $25,000 electric vehicle three years from now. That would be much cheaper than any car Tesla has made so far. After the announcement, the company’s market cap dropped $20 billion after trading closed overnight. In general, investors slashed $50 billion from Tesla market value on Tuesday. Shares closed down 5.6% on Tuesday and lost nearly 7% after hours.
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