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Tesla’s value drops $50 billion as Musk’s promised cheaper battery 3 years away

Despite CEO Elon Musk's promise on Tuesday to cut electric vehicle costs radically , but not for at least three years, Investors slashed $50 billion from Tesla's market value.

Business News: Despite CEO Elon Musk’s promise on Tuesday  to cut electric vehicle costs radically , but not for at least three years,  Investors slashed $50 billion from Tesla’s market value.

After Musk and other Tesla executives presented their new battery and manufacturing strategies, Tesla’s market cap dropped $20 billion in just two hours after trading closed Tuesday, Shares closed down 5.6% and dropped another 6.9% after hours.

At Musk’s oft-touted “Battery Day” Investors had expected two significant announcements: The development of a “million mile” battery good for 10 years or more, and a specific cost reduction target — expressed in dollars per kilowatt-hour — that would finally drop the price of an electric vehicle below that of a gasoline car.

Roth Capital Partners analyst Craig Irwin said Nothing Musk discussed about batteries is a done deal,” and that “There was nothing tangible.”