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9/21, 11:16 PM (Source: TeleTrader)
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Musk: Tesla to buy more cells, foresees shortages

Tesla Inc. CEO Elon Musk said on Monday that the company will keep buying battery cells, but that shortages will persist "unless we also take action ourselves." Musk commented on cell production ahead of Tesla's "Battery Day," an event scheduled for September 22 in Palo Alto, California.

"Important note about Tesla Battery Day unveil tomorrow. This affects long-term production, especially Semi, Cybertruck & Roadster, but what we announce will not reach serious high-volume production until 2022," Musk tweeted. "We intend to increase, not reduce battery cell purchases from Panasonic, LG & CATL (possibly other partners too). However, even with our cell suppliers going at maximum speed, we still foresee significant shortages in 2022 & beyond unless we also take action ourselves."

Tesla shares dropped over 3% in aftermarket trade following the announcement.

Breaking the News / DJ