Tesla CEO Promises Cheaper Cars But Three Years Away

Tesla-CEO-Promises-Cheaper-Cars-But-Three-Years-Away

On Tuesday, the US electric car marker, Tesla, reported to manufacture a cheaper $25000 self-driving EV but would require at least three years, which urged the investors to slump the company’s valuation by 39.29 billion euros (or $50 billion).

The EV manufacturer’s market valuation plunged $20 billion in after-hours trading of Tuesday, with stocks falling 5.6% during the session and further 6.9% in the after the market session.

The fall is due to traders getting disappointed with Musk’s Battery day announcements. Investors had expected the CEO to announce the production of a battery suitable for 10+ years and a cost-reducing plan to manufacture cars; Elon posted neither of them.

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