Tesla Inc would need to start producing its own battery cells to meet demand for its electric vehicles (EVs), even as it ramps up purchases from outside suppliers, CEO Elon Musk wrote on Twitter.
Musk made the comments on the eve of the company’s annual shareholders’ meeting and “Battery Day” presentation yesterday, which showcased innovations designed to maintain Tesla’s lead in EVs.
Shares of the company on Monday fell as much as 8.4 percent in post-market New York trading after closing at US$449.39.
Photo: Bloomberg
What Tesla announced at the event would not reach high volumes of production until 2022 and would affect planned output of its semi-truck, Cybertruck pickup and new Roadster sports car, Musk said.
Tesla’s most longstanding partner on batteries has been Osaka, Japan-based Panasonic Corp. The two companies jointly operate a massive battery plant outside of Reno, Nevada: Panasonic makes the cells and Tesla strings thousands of cells into the massive battery packs for each vehicle.
However, Musk has never been eager about depending on one supplier and Tesla does have smaller agreements with Contemporary Amperex Technology Co (時代新能源科技) in China’s Fujian Province and LG Chem Ltd in Seoul.
Separately, Tesla posted fresh job ads for roles based in Singapore, signaling that it is preparing to set up shop in the city-state that it has so far skirted.
The EV manufacturer is looking for senior developers in Singapore, according to job postings on LinkedIn, which did not disclose how many people are sought.
In July, Tesla began advertising for positions such as store leader and sales advisers in Singapore.
A Tesla representative in Beijing declined to comment.
Musk has previously criticized Singapore for not being supportive of EVs and Tesla does not operate any showrooms in the city-state, whose premium-vehicle market is dominated by brands such as BMW AG and Daimler AG’s Mercedes-Benz.
The firm has been quick to expand in other major Asia-Pacific metropolitan markets, including Taipei, Hong Kong, Sydney and Tokyo.
Singapore this year said that it plans to phase out vehicles powered by fossil fuels by 2040, planning to add incentives to encourage consumers to buy EVs.
Tesla plans to ship vehicles made at its new Shanghai factory to other countries in Asia, including Singapore, people familiar with the matter said this month.
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