Tesla loses $ 50 billion after delaying cheap electric car

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The shares of electric vehicle maker Tesla fell more than 5% in the pre-opening of the United States stock market on Wednesday (23). The strong downward trend comes a day after the company saw $ 50 billion disappear from its market value after the Battery Day announcements made yesterday (22).

The company’s new battery technology should not be ready until 2022, and worse: the cheap electric car that Elon Musk had promised three years ago, had its launch postponed for another three years.

He said: “In three years … we can make a $ 25,000 car that will basically be on the same level, maybe a little better than a comparable gasoline car.” For investors, who were waiting for the announcement of a “million mile” battery with a 10-year validity, the announcement worked like a cold shower.

On the eve of Baterry Day, Musk indicated on Twitter that the news would not take effect immediately. Result: Tesla shares fell 5% to $ 428.

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