Tesla CEO Elon Musk hinted on Friday that the electric car maker will reveal the new technology at its “Battery Day” presentation on September 22.
“A lot of cool stuff will be revealed on Battery Day 9/22,” Musk tweeted.
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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 prior to the event, UBS doubled its one-year price target for Tesla stock to $ 325, in part due to the company’s anticipated disclosure of the new battery cell technology. The technology is expected to significantly increase the longevity of Tesla’s batteries.
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UBS said the upgraded battery cells could guarantee Tesla’s “cost and technological advantage for many more years,” according to The Street.
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Tesla is also expected to provide details on its plan to produce 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 range of 500 miles. A former Tesla technical executive, Peter Rawlinson, is CEO of Lucid.
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