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Tesla’s Elon Musk teases ‘Battery Day’ reveal: ‘Many exciting things’

Tesla CEO Elon Musk hinted Friday that the electric car maker will reveal new technology at its “Battery Day” presentation on Sept. 22.

“Many exciting things will be unveiled on Battery Day 9/22,” Musk wrote on Twitter.

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Tesla will hold the long-delayed event amid rampant speculation that the company is close to unveiling improved battery technology for its vehicles. “Battery Day” will be held in a mostly virtual format.

In a note to investors ahead of the event, UBS doubled its one-year price target for Tesla shares to $325 due in part to the company’s expected revelation of new battery cell technology. The technology is expected to significantly increase the longevity of Tesla’s batteries.

Ticker Security Last Change Change %
TSLA TESLA INC. 372.72 +1.38 +0.37%

UBS said the upgraded battery cells could secure Tesla’s “cost and technology lead for several more years,” according to The Street.

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Tesla is also expected to provide details about its plan to manufacture its own battery cells, Electrek reported. The project, called “Roadrunner,” would support Tesla’s plans to increase vehicle production.

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The Tesla event is scheduled to occur weeks after a potential rival Lucid Motors, unveiled its first electric car design with a 500-mile range. A former Tesla engineering executive, Peter Rawlinson, serves as Lucid’s CEO.

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