Tesla's Elon Musk teases 'Battery Day' reveal: 'Many exciting things'

Market realizing Tesla’s leading EV tech: Lucid Motors CEO

Lucid Motors CEO and CTO and former Tesla VP Peter Rawlinson discusses Tesla’s valuation and technology, as well as his company’s new electric car, which has a range of over 500 miles.

Tesla CEO Elon Musk hinted Friday that the electric car maker will reveal new technology at its “Battery Day” presentation on Sept. 22.

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“Many exciting things will be unveiled on Battery Day 9/22,” Musk wrote on Twitter.

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Tesla will hold the long-delayed event amid rampant speculation that the company is close to unveiling improved battery technology for its vehicles. “Battery Day” will be held in a mostly virtual format.

In a note to investors ahead of the event, UBS doubled its one-year price target for Tesla shares to $325 due in part to the company’s expected revelation of new battery cell technology. The technology is expected to significantly increase the longevity of Tesla’s batteries.

TickerSecurityLastChangeChange %
TSLATESLA INC.372.72+1.38+0.37%

UBS said the upgraded battery cells could secure Tesla’s “cost and technology lead for several more years,” according to The Street.

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Tesla is also expected to provide details about its plan to manufacture its own battery cells, Electrek reported. The project, called “Roadrunner,” would support Tesla’s plans to increase vehicle production.

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The Tesla event is scheduled to occur weeks after a potential rival Lucid Motors, unveiled its first electric car design with a 500-mile range. A former Tesla engineering executive, Peter Rawlinson, serves as Lucid’s CEO.

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