A “sell the news” reaction was in full display Wednesday as Tesla Inc. shares sunk more than 8%, a day after the Silicon Valley car maker’s long-awaited “Battery Day” appeared to disappoint most on the Street.
tumbled 8.6% in midday trading, and was on track for its lowest close in two weeks. Shares are down more than 20% in September, but have nearly quadrupled this year, compared with gains of less than 2% for the S&P 500 index
Tesla late Tuesday unveiled a road map to what it called better, 56% cheaper and more efficient batteries set to lower electric-car prices. The plans included changes in battery size, design and engineering, and are being developed at a pilot battery plant in Fremont, Calif. The company also announced a future $25,000, fully autonomous car within three years and a longer-range, souped up “Plaid” Model