Elon Musk: "Tesla to Increase Purchase of LG Chem Batteries"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter So-yeon Park] Elon Musk, CEO of the American electric vehicle company Tesla, stated on the night of the 21st (local time) that the company will not reduce but increase the volume of battery purchases from current suppliers such as LG Chem.

On the day before the 'Battery Day' event, where new technology will be unveiled, Musk mentioned on his Twitter account, "We plan to increase, not reduce, battery purchases from partners like Panasonic, LG, and CATL."

He said, "If we do not take action ourselves, even if battery suppliers operate at maximum speed, a significant shortage of supply is expected after 2022."

Additionally, Musk introduced that important information affecting the long-term production of electric trucks such as the 'Semi,' 'Cybertruck,' and 'Roadster' will be revealed during Battery Day.

However, without mentioning specific details, he added, "Mass production will not be reached until 2022."

Tesla's Battery Day event is an occasion to unveil newly developed battery technology and production plans, attracting global attention from the automotive industry and stock markets as it may bring revolutionary changes to the global battery and electric vehicle sectors.

Tesla has been known to have developed the '1 million mile battery,' which significantly extends lifespan to about 1.6 million kilometers, in partnership with China's largest battery manufacturer CATL, and it is highly anticipated that this technology may be showcased this time.

In particular, there have been speculations that the proportion of battery suppliers might change.

Meanwhile, CNBC, a U.S. economic media outlet, reported that Musk recently mentioned in an email to employees that Tesla's third-quarter delivery volume is expected to break the record.

Tesla's previous highest delivery volume was 112,000 units in the fourth quarter of last year, and 90,650 units in the second quarter of this year.

Wall Street's forecast for Tesla's third-quarter delivery volume this year ranges from 123,000 to 190,000 units, CNBC reported.