Tesla Stocks Surged as Battery Day Nears
Tesla records another day of high, as anticipation grows for the “Battery Day” happening next week.
The company’s shares are up by 4.3% on premarket trading today. Thus, extending the momentum gained after a series of retractions recorded last week.
In the past four days, the firm updates a 27.1% soar with a $419.62 per share at the week’s start. Still, the EV manufacturer’s shares are $67 away from reaching the early September high.
Tesla’s anticipated event will give ammunition to the bulls, as this will provide insight into the company’s prospects.
This includes a glimpse of upcoming technology innovations and initiatives towards venturing further on energy density. As Panasonic said in July, Tesla’s EV vehicles will get a 20% boost in energy density in the next five years.
Consequently, industry experts expect the firm’s Chief Executive Elon Musk to announce a more affordable price of EV cars, back-to-back with traditional combustion vehicles’ market price.
The Battery Day happening on September 22 will occur alongside the firm’s annual shareholders meeting.
So far, the stock skyrocketed to 401.5% year-to-date, even with series of setbacks last week.
Future Prospects on Sustainable Energy
Tesla announced in July that it would start using lithium iron phosphate. These are known as LFP batteries. They will be featured in its China-assembled Model 3 sedans before the end of the year.
The LFP cells boast a million-mile, 16-year old battery supplied by China’s CATL. Some market experts note that the EV maker may venture on building its own propriety cells and offer it to other automakers.
Currently, the firm’s primary business is on electric vehicles and related services, which account for 93% of its revenue for the second-quarter of 2020.
However, in the mission statement, Tesla asserted its commitment to accelerating the world’s transition to sustainable energy.
It mentioned nothing about cars, trucks, and overall transportation business, hinting a possible shift in business prospects sooner or later.
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