Tesla Lower on Battery Expectations; Workhorse, Plug Follow

Workhorse and Plug Power (NASDAQ:PLUG) sank ahead of Tesla (NASDAQ:TSLA)’s battery day.

Workhorse fell 7.4% and Plug 4.4%.

Tesla will announce details of a battery cell that could help the company maintain its edge over rivals, CNBC reported. Founder Elon Musk said on Twitter that “This affects long-term production, especially Semi, Cybertruck & Roadster, but what we announce will not reach serious high-volume production until 2022.”
Tesla shares are down 4% as investors had hoped for a faster pace of production, CNBC said.

Workhorse is up more than 800% since the start of the year, and Plug Power shares are up 300% as investors jump on the electric and alternative vehicle bandwagon.

CNBC reported Tesla would increase battery cell purchases from suppliers Panasonic (OTC:PCRFY) and LG, warning that “we still foresee significant shortages in 2022 & beyond unless we also take action ourselves.”