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Tesla CEO Elon Musk's next big bet rides on better batteries

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Posted at 8:47 AM, Sep 23, 2020
and last updated 2020-09-23 08:47:34-04

SAN RAMON, Calif. (AP) — Tesla is working on new battery technology that CEO Elon Musk says that will enable the company within the next three years to make sleeker, more affordable cars that can travel dramatically longer distances on a single charge.

But the battery breakthroughs that Musk unveiled Tuesday at a highly anticipated event didn’t impress investors. They were hoping Tesla’s technology would mark an even bigger leap forward and propel the company’s soaring stock to even greater heights.

Tesla's shares shed more than 6% after Musk promised to deliver a Tesla model that will cost $25,000 and travel even further than many gas-combustion cars can before refueling.