9/22/2020, 12:06 PM (Source: TeleTrader)
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Tesla drops over 3% in premarket on battery update

Shares of electric-vehicle maker Tesla, Inc. fell over 3% on Tuesday following an update from CEO Elon Musk ahead of the company's so-called Battery Day event.

Writing on Twitter before the unveiling of "many exciting things" at today's event in Palo Alto, Musk said these innovations would not be widely used in production until 2022. "This affects long-term production, especially Semi, Cybertruck & Roadster, but what we announce will not reach serious high-volume production until 2022," Tesla's owner explained.

Tesla was down 3.65% to $433 per share at 6:00 am ET.

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