Tesla’s ‘Battery Day’ tech won’t scale up until 2022, Elon Musk says

  • Tesla’s “Battery Day” tech won’t reach large-scale production until 2022, Elon Musk tweeted on Monday.
  • The electric vehicle company will buy more battery cells but expects “significant shortages” in the future. Analysts expect Tesla to announce plans to produce its own battery cells at the event.
  • Premarket Tesla shares dropped following Musk’s tweets.
  • Visit Business Insider’s homepage for more stories.

The tech Tesla announces at its “Battery Day” on Tuesday won’t reach large-scale production until 2022, the electric vehicle giant’s CEO Elon Musk said on Monday.

Musk said that Tesla will buy more battery cells from Panasonic, LG, and Chinese battery manufacturer CATL, but it expects “significant shortages” in 2022 and beyond, and must “take action” to prevent them, he said. This suggests that the company may announce plans to produce its own battery cells at its Battery Day, as analysts have long-speculated.

Scaling up production of new battery technology

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Jerome Powell Testifies on Economy’s ‘Marked’ Progress: Live Updates

Credit…Anna Moneymaker/The New York Times

Treasury Secretary Steven Mnuchin offered an upbeat view of the economic recovery on Tuesday, describing it during a congressional hearing as the fastest rebound from any crisis in American history.

Yet Mr. Mnuchin acknowledged that more than half of the jobs that had been lost as a result of the pandemic had yet to be restored.

His comments came in a joint appearance before the House Financial Services Committee with Jerome H. Powell, the chair of the Federal Reserve.

Both officials projected optimism about the economic recovery so far, but Mr. Powell made clear that many of those gains were predicated on strong fiscal support, including additional jobless benefits and stimulus checks.

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