U.S. Markets close in 1 hr 22 mins
  • S&P 500

    4,146.36
    -16.93 (-0.41%)
     
  • Dow 30

    34,203.85
    -123.94 (-0.36%)
     
  • Nasdaq

    13,369.87
    -9.18 (-0.07%)
     
  • Russell 2000

    2,235.14
    +8.02 (+0.36%)
     
  • Crude Oil

    65.44
    -0.83 (-1.25%)
     
  • Gold

    1,869.90
    +2.30 (+0.12%)
     
  • Silver

    28.39
    +0.12 (+0.41%)
     
  • EUR/USD

    1.2231
    +0.0074 (+0.6115%)
     
  • 10-Yr Bond

    1.6470
    +0.0070 (+0.43%)
     
  • Vix

    19.92
    +0.20 (+1.01%)
     
  • GBP/USD

    1.4190
    +0.0053 (+0.3718%)
     
  • USD/JPY

    108.8650
    -0.3350 (-0.3068%)
     
  • BTC-USD

    42,775.84
    -466.77 (-1.08%)
     
  • CMC Crypto 200

    1,205.68
    -47.46 (-3.79%)
     
  • FTSE 100

    7,034.24
    +1.39 (+0.02%)
     
  • Nikkei 225

    28,406.84
    +582.01 (+2.09%)
     

Elon Musk Says Battery Cell Constraints A Hiccup In Tesla Semi Rollout

  • Oops!
    Something went wrong.
    Please try again later.
Shivdeep Dhaliwal
·1 min read
  • Oops!
    Something went wrong.
    Please try again later.

Tesla Inc (NASDAQ: TSLA) CEO Elon Musk tempered down expectations on the automaker’s cell and electric truck production numbers.

What Happened: The executive disclosed that the company was “too cell-constrained” in a response to a question related to the Tesla Semi on Twitter.

This content is not available due to your privacy preferences.
Update your settings here to see it.

In January, during the company’s fourth-quarter earnings, Musk said that the reason why Tesla has not accelerated new products like the Semi is “we simply don't have enough cells.”

Why It Matters: Scaling the Semi hinges on producing more 4680 cells. Tesla is installing capacity to produce 200 gigawatts-hours annually next year, Musk said on the same earnings call.

Deliveries of the Plaid Plus S, another vehicle that uses 4680 cells, have also been delayed to mid-2022.

Currently, the company only makes the new cylindrical batteries at its pilot Fremont factory and the volume production is not expected to scale up until it begins making them at its Gigafactory Texas, reported Electrek.

See also: How to Invest in Tesla Stock

This year, Tesla battery supplier Panasonic Corporation (OTC: PCRFF) (OTC: PCRFY) will set up a prototype production line to make the 4680 cells.

Price Action: Tesla shares closed nearly 3.4% lower at $618.71 on Friday and gained 0.42% in the after-hours session.

Click here to check out Benzinga’s EV Hub for the latest electric vehicles news.

Photo: Courtesy of Tesla

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.