There were announcements about new battery cells, a new budget EV, and a performance version of Model S, but it still left the investors disappointed

The much-hyped and anticipated Tesla Battery Day is now done and dusted, but it brought some news on Tesla’s advancements in the battery tech department. It started with the Annual Shareholders Meeting and then moved on to the Battery Day event.

The event was witnessed by 240 shareholders, each sitting in a Model 3, while the rest of the world watched the live stream on the website. As expected, Tesla announced a cheaper battery, but it is still some time away. There were a few other announcements apart from this, and here’s a rundown of the event:

Tesla Has Introduced A New, Bigger, More Efficient Battery Cell

The biggest announcement came in the form of a new battery cell called 4680.

The name is derived from its dimensions – 46mm by 80mm. The cell is bigger than Tesla’s previous cells. All battery cell manufacturers face a problem when creating bigger cells, thus limiting their capacity, but Tesla countered it by creating the first tabless cylindrical cell design.

It offers six times the power, five times the energy capacity, and 16-percent more range.

The automaker didn’t mention about the improvement in energy density, however, it did state that this results in a 14-percent cost reduction per kWh.

A Cheaper Tesla In Three Years

Tesla Battery Day 2020 - All You Need To Know
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The big whoop surrounding the million-mile battery and its price per kWh was not particularly addressed. Instead, Elon Musk promised that cheaper batteries will eventually lead to a cheaper fully-autonomous Tesla car that may cost as low as $25,000, which is contrary to him saying a few years back that Tesla wouldn’t make a car costing less than $25,000. "In three years... we can do a $25,000 car that will be basically on par (with), maybe slightly better than, a comparable gasoline car," Musk said. The new, ‘budget’ price comes courtesy of the new battery cell manufacturing efforts. He didn’t reveal any details about the car, but you can expect it to draw inspiration from the China-specific electric hatch that Tesla is developing.

Model S Plaid Unveiled!

There is always a “one more thing” with Tesla, and this time, it was the Model S Plaid. Tesla took the opportunity to announce the Model S Plaid, which comes with some astonishing figures.

This will be the highest-spec Performance version of its luxury sedan.

Prototypes were spotted testing earlier as well, but now the company has listed out the specs and it can be seen on Tesla’s website as well.

The Model S Plaid will be powered by a tri-motor setup, thus making it an all-wheel-drive vehicle. It is expected to have a 0-60 mph time of under two seconds, making it the quickest production car ever. Musk also said that the quarter-mile run will be covered in under nine seconds.

Finally, it will have a range of more than 520 miles.

If all these claims are true, it essentially nullifies all the advantages the Lucid Air announced over the Tesla Model S recently. The Plaid will be quicker and more efficient than the Air. Tesla has priced the Model S Plaid at $139,990 before options, which also prices it on par with the Lucid Air Grand Touring Edition, which costs $990 less than the Model S Plaid.

Not A Good Day At Work

Tesla Battery Day 2020 - All You Need To Know
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While all these announcements sound pretty exciting at the onset, they didn’t go down well with the investors and shareholders. $50 billion were wiped off Tesla’s market value post this announcement.

At the time of writing this article, the share price stood at $424.23. Cheaper batteries are still three years away, which is a long time, and everything else announced was also still some time away. That is one of the major reasons for a fall in stock prices. The same news in a media statement or a press release instead of a fancy event would’ve probably been a better option.

Sidd Dhimaan
Associate Editor and Truck Expert - sidd@topspeed.com
Sidd joined the Topspeed.com team in 2017 as an intern and in less than a year he earned a full-time position as an associate editor and junior automotive expert. He is currently our pickup truck expert and focuses his attention on heavy-duty and off-road vehicles.  Read More
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