Sorry Battery Day, here is what may be the real short-term catalyst for Tesla's stock argues one Wall Street analyst.
Tesla held its Battery Day event on Tuesday to discuss a variety of innovations it has developed and is pursuing in battery technology for its vehicles. Tesla CEO Elon Musk and SVP of Powertrain and Energy Engineering Drew Baglino detailed a new anode and cathode technology the company is working on, as well as materials science, in-house mining operations and manufacturing improvements it's developing to make more affordable, sustainable batteries. "We're confident we can make a very, very compelling $25,000 electric vehicle that's also fully autonomous," Musk said.
Followers of Tesla (NASDAQ: TSLA) were eagerly anticipating the company's much-hyped "Battery Day" on Tuesday, expecting news of major developments in the electric-car maker's signature technology. In other words, the main reason "Battery Day" fell flat was that it didn't really improve the thesis for buying the stock.