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Tesla’s stock skids 7% as promised ‘Battery Day’ innovations remain off in the future

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Tesla Inc. unveiled battery innovations and increased efficiencies that appeared to underwhelm investors late Tuesday at its much anticipated “Battery Day.”

Tesla stock’s
TSLA,
-5.59%
,
which had gained more than 4% after an upbeat post-shareholder-meeting presentation, turned south as soon as Chief Executive Elon Musk said that some of the innovations showcased at the event were “close to working” and some three years away from fruition.

Shares were recently down 6.8% in the extended session.

“It does work but not [yet] with a high yield,” Musk said, adding that Tesla has set up a pilot battery plant in Fremont, Calif., to…



Source marketwatch.com

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