Tesla Lower on Low Battery Production Expectations; Workhorse, Plug Follow

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Tesla Lower on Low Battery Production Expectations; Workhorse, Plug Follow
Credit: © Reuters.

By Christiana Sciaudone

Investing.com -- Workhorse and Plug Power (NASDAQ: PLUG ) sank ahead of Tesla (NASDAQ: TSLA )'s battery day.

Workhorse fell 7.4% and Plug 4.4%.

Tesla will announce details of a battery cell that could help the company maintain its edge over rivals, CNBC reported. Founder Elon Musk said on Twitter that "This affects long-term production, especially Semi, Cybertruck & Roadster, but what we announce will not reach serious high-volume production until 2022.”

Tesla shares are down 4% as investors had hoped for a faster pace of production, CNBC said.

Workhorse is up more than 800% since the start of the year, and Plug Power shares are up 300% as investors jump on the electric and alternative vehicle bandwagon.

CNBC reported Tesla would increase battery cell purchases from suppliers Panasonic (OTC: PCRFY ) and LG, warning that “we still foresee significant shortages in 2022 & beyond unless we also take action ourselves.”




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