Yahoo Finance 
Tesla Sets Date For “Battery Day”, Analyst Says It Could Be ‘Game-Changing’
Tesla Inc. (TSLA) has set September 22 for its “Battery Day” event which is expected to unveil improvements to the batteries powering the automaker’s electric car technology.
The event was originally scheduled for earlier in the year however it was postponed because of the pandemic. To address concerns of social distancing, the Tesla plans to live-stream the event while also offer in-person attendance to select shareholders and investors.
The main focus of “Battery Day” will be for the unveiling of a new cell to power the company’s vehicles. On May 14, Reuters reported that Tesla and China’s Contemporary Amperex Technology Ltd. were working on a joint development project to create what is being called the “million-mile” battery. It is expected to be cheaper to produce and provide longer-lasting battery life. The average life for a current Tesla vehicle battery is less than half of that amount.
Most importantly, the new battery could bring the price of Tesla’s electric vehicles down to a price-point that is comparable to gasoline-powered automobiles.
The forum will address questions while also providing shareholders with the opportunity to vote and make decisions on matters such as the expansion of Tesla’s marketing strategy to advertisements.
On May 28, Tesla highlighted a statement by San Diego-based shareholder James M. Danforth which said, “Advertising can increase brand value, product awareness, and interest.” He added, “Tesla ads can help mitigate and dilute substantial FUD (‘Fear, Uncertainty, Doubt’) and misinformation campaigns sponsored by competitors and detractors worldwide and steer the narrative more favorably.”
Danforth’s proposal calls for at least $50 per produced vehicle to be allocated toward advertising to boost brand awareness and interest. His plan will be voted on by shareholders before the event’s product reveal.
Wedbush analyst David Ives highlighted “Battery Day” on July 2 saying that Telsa has “some potentially game-changing battery developments on the horizon and Tesla's stock likely has room to run further.” He reiterated a Buy rating on the shares and a price target of $1,250, which suggests 19% downside potential.
Tesla’s stock has rallied 270% year-to-date with a Hold analyst consensus that breaks down into 7 Buy ratings versus 10 Hold ratings and 9 Sell ratings. The $816.35 average price target implies 47% downside potential for the shares in the coming 12 months. (See Tesla's stock analysis on TipRanks).
Related News:
Tesla’s Elon Musk Overtakes Buffett On Billionaires Rich List
Tesla Slashes Model Y Crossover Price By $3,000
Tesla Up 8% As Quarterly Deliveries Surprise; Wedbush Says Stock Rally Isn’t Over
