Tesla's lead in electric vehicle technologies has other automakers making desperate moves to catch up.
Here's really why stocks are losing a ton of steam right now.
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.