'Tesla's "Battery Day" Turns Negative, Shares Plunge 11%'

[Image source=AP Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] Electric vehicle company Tesla plunged as much as 11% intraday on the New York Stock Exchange on the 22nd (local time). The 'Battery Day' event held the day before actually worsened investor sentiment.

As of 3:05 PM that day, Tesla's stock was trading at $377.36, down 11.05% from the previous day. Tesla had also dropped 7% the day before.

Tesla's stock price approached $500 immediately after its stock split listing on the 31st of last month but then underwent a 30% correction down to around $330. It showed an upward trend again ahead of Battery Day, but a tweet by CEO Elon Musk the day before Battery Day worsened investor sentiment, and when Battery Day failed to deliver content that would excite investors, disappointment selling poured out.

On that day, Tesla's stock started above $400 but showed a typical bearish trend, with selling pressure increasing over time and the price lowering its bottom.

Through the Battery Day event the day before, Tesla announced plans to produce electric vehicles priced around $25,000 and predicted that battery costs would be halved, but it did not present any new technology that would bring innovation to the battery sector.

Bloomberg News commented, "Battery Day failed to explain why Tesla's corporate value increased by $320 billion this year."