Tesla CEO Elon Musk touted new tech at ‘Battery Day’—Here’s what he said

At Tesla’s 2020 shareholder’s meeting, Tesla CEO Elon Musk said that the company’s vehicle deliveries in 2020 would be up 30% to 40% from last year, a range that encompasses its previous prediction of 500,000 cars delivered this year. The meeting took place before Tesla’s “Battery Day,” where Musk and executive Drew Baglino talked about the company’s plans to make its own large battery cells, which should lead to more affordable, efficient vehicles. Subscribe to CNBC PRO for access to investor and analyst insights on Tesla and more: https://cnb.cx/2BT2E7y

Tesla plans to host its annual shareholder meeting, followed by a “battery technology day” presentation, on Tuesday, September 22.

Elon Musk’s electric car company is likely to disclose specifications for at least one new type of battery cell that the company has been developing, and may give an aspiring start-date for manufacturing its own cells at scale, too. As CNBC previously reported, Tesla has established a prototype manufacturing line for battery cells at their skunkworks lab in Fremont, California, near its U.S. car plant.

However, on the day before the event, Musk took pains to downplay the short-term importance of the announcements coming at battery day. On Monday after the close of trading, Musk wrote on Twitter:

“Important note about Tesla Battery Day unveil tomorrow. This affects long-term production, especially Semi, Cybertruck & Roadster, but what we announce will not reach serious high-volume production until 2022.

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.”

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