Tesla falls most in 2 years on battery shortage
Source: AP
Electric car maker Tesla Motors has a battery problem. It doesn't have enough of them.
That's one reason the high-flying company's shares suffered their biggest one-day percentage drop in nearly two years Wednesday.
CEO Elon Musk on Tuesday blamed a shortage of lithium-ion battery cells for trouble meeting demand for Tesla's lone vehicle, the Model S. There won't be any relief until next year, when a deal to get more batteries from supplier Panasonic kicks in, he said.
Some potential buyers in North America were left out as cars were diverted to Europe for sale to customers on a waiting list there, Musk said on a conference call after Tesla released third-quarter earnings.
Read more: http://finance.yahoo.com/news/tesla-falls-most-2-years-battery-shortage-211548638--finance.html
NYC_SKP
(68,644 posts)I seem to remember a story about this being planned.
Musk is like a Honey Badger.
He doesn't give up.
SHRED
(28,136 posts)David Zephyr
(22,785 posts)n/t
SHRED
(28,136 posts)...I bought a while back. 100 shares at $27 each and sold at $87. Okay that seems good but...should have held out.
joshcryer
(62,269 posts)Put in a huge chunk of my savings, doubled up at one point. They're not going anywhere. They'll be the next GE or Ford, bank on it.
Not selling until the Gen 4 car comes. Then I'll buy back as much as I originally invested.
Tesla is in my portfolio permanently.
David Zephyr
(22,785 posts)Good for you, Shred. My neighbor bought 3,000 shares at $27. He never sold and he's still sitting very happy.
I almost bought at $28, but didn't. I knew better, too. Had been for the first day's official test drives at Tesla's facility at Space X in Hawthorne. Don't kick yourself for selling. I'd have sold at $87 or shy of $100 at the time as well. You hit the cash register and took a fantastic profit, so congratulate yourself.
Tesla is at $138 in after hours as I post this.
The third fire, production snags and all the other players jumping into electric cars will cool the emotional fever behind the unsustainable share price and bring it into a firmer, but still frothy price.
I am a big fan of Tesla.
olddad56
(5,732 posts)I'm a buyer it it gets down to $140.
David Zephyr
(22,785 posts)I suppose you bought at $140 like you said, but I hope you didn't as you would have lost almost 6% of your money if you did.
As I posted earlier: $120 is a good price, but that will still be high.
I've got a huge chunk in them, this is a steal. People need to pay attention.
Spitfire of ATJ
(32,723 posts)Rosa Luxemburg
(28,627 posts)you would think with all the modern know how someone would design and produce efficient batteries. Hopefully one day we can use compressed air or perpetual motion engines?
Fumesucker
(45,851 posts)With fossil fuels all you carry is the fuel, the oxidizer comes from the atmosphere, that's a huge savings in weight carried.
Bear in mind I'm not speaking completely literally here but the basic concept is that, a battery has to carry all the ingredients to make energy available, with fossil fuels that's not so.
joshcryer
(62,269 posts)So, this is in reality a nice trick, Tesla said that ultimately they can't grow without a huge battery manufacturer. This is likely a sign that they ... become it.
Really, listen to Musk's talks on battery manufacturing.
Dopers_Greed
(2,640 posts)Better defund or get rid of Tesla.
daleo
(21,317 posts)Demand exceeding supply, that is not a bad sign for the future of Tesla or electric cars in general.