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All eyes will be on Elon Musk on Tuesday afternoon.
The larger-than-life Tesla CEO will be on-hand alongside the company's other executives to present at its "Battery Day," a technology-focused event that he's has been teasing for months. The company's annual shareholder meeting, where investors will re-elect board members and other usual business, will also occur at the same event.
After a two-month delay, the presentations will kick off at 1:30 p.m. local time in California on Tuesday, but it won't be to the usual packed house. Due to pandemic restrictions in the state, Tesla raffled off a limited number of in-person tickets to shareholders who submitted applications.
Everyone else will have to watch via livestream on Tesla's website.
Musk tempered expectations for the event slightly on Tuesday, sending Tesla shares down in pre-market trading when he said many of the announcements would not reach full production until 2022. That's despite hailing Tuesday's event as one of the "most exciting" in Tesla's history as recently as May.
"However, even with our cell suppliers going at maximum speed, we still foresee significant shortages in 2022 & beyond unless we also take action ourselves," he tweeted, adding that the "extreme difficulty" of increasing production of new technology isn't fully understood by many people.
Tweet Embed://twitter.com/mims/statuses/1308149191684710400?ref_src=twsrc%5Etfw
We intend to increase, not reduce battery cell purchases from Panasonic, LG & CATL (possibly other partners too). However, even with our cell suppliers going at maximum speed, we still foresee significant shortages in 2022 & beyond unless we also take action ourselves.
Still, analysts say the event could be a significant catalyst for Tesla's sales — and its stock price.
"The technology innovations around Giga/Fremont remain the key ingredients in Tesla's success on the battery front and we believe the company is getting closer to announcing the million mile battery at this highly anticipated event," Dan Ives, an analyst at Wedbush, said this month.
"This battery technology will be very advanced, potentially last for decades, withstand all types of weather/terrain, and be another major milestone for the Tesla ecosystem," he continued.
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