Tesla Inc CEO Elon Musk on Tuesday is scheduled to showcase the company's advanced battery technology, with investors expecting he will outline how the company's electric vehicles will surpass the cost and convenience of internal combustion engines.
On Monday, Musk said on Twitter that the battery improvements to be unveiled at the event would not reach"serious high-volume production" until 2022, sending Tesla shares down 5per cent in extended trade. Musk has complained in the past that Tesla vehicles are not affordable enough. Tesla's lowest-range Model 3 sedan with a range of 250 miles currently starts at US$37,990 in the United States. Musk in July said scaling battery cell production at an affordable price was Tesla's biggest limitation to growth.
Some researchers estimate that price parity, or the point at which electric vehicles are equal in value to internal combustion cars, is reached when battery packs cost US$100 per kilowatt hour .
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