Tesla CEO Elon Musk indicated on Friday that the electric car manufacturer would unveil the new technology in its “Battery Day” presentation on 22 September.
“Many exciting things will be unveiled on Battery Day 9/22,” Musk wrote on Twitter.
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Tesla sparked speculation that the company is close to unveiling improved battery technology for its vehicles amid a long-stalled event. “Battery Day” will be held mostly in virtual format.
In a note to investors prior to the event, UBS doubled its one-year price target for Tesla shares to $ 325 due to the company’s expected revelation of 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 preserve Tesla’s “cost and technology leadership for many more years” according to Street.
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Electrec reported that Tesla is also expected to provide details about plans to manufacture its battery cells. The project, called “Roadrunner”, will support Tesla’s plans to increase vehicle production.
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The Tesla event is scheduled to take place weeks after a potential rival, Lucid Motors, unveiled its first electric car design with a range of 500 miles. Peter Rawlinson, a former Tesla engineering executive, serves as CEO of Lucid.
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