Shares in electric car maker Tesla plunged 9% on Wednesday after the company's annual Battery Day event, at which founder Elon Musk said buyers would have to wait another couple of years to buy cheaper cars.
As of 11:58 am ET, Tesla shares are down 9% to $ 358.62.
At the company's shareholder meeting on Tuesday, Musk announced plans to build a $ 25,000 low-cost electric vehicle that would use significantly cheaper batteries.
Musk said, "In three years ... we can create a $ 25,000 car that is basically (c) maybe a little better than a comparable gasoline car."
On Monday, Musk warned on Twitter that the events announced at the event will not produce large-scale implementation until 2022, leaving little room for immediate concrete development for investors.
The company announced the $ 140,000 Tesla Model S Plaid with open pre-orders.
Like many other manufacturers, Tesla uses batteries from other major manufacturers, so it can focus on its primary goal of producing electric vehicles. But at the event, Tesla said it plans to develop a "desktop" battery that could increase power and range for electric vehicles.
Musk said he plans to build about 20 million vehicles, but did not specify a specific timeline. By comparison, Volkswagen, the world's largest manufacturer, built 11 million vehicles in all of 2019.
Tesla hasn't been following Musk's production plans for a long time.
In May 2016, Musk announced that Tesla intended to build between 100,000 and 200,000 Model 3 vehicles in the second half of 2017. He later changed that number to 5,000 per week in December 2017, but in November 2017 the company changed the schedule again and said it would succeed.
As a result, 5,000 Model 3 cars were produced in June 2018, but until the end of this year they were produced irregularly.
But Tesla is currently building new factories in Austin (Texas) and Berlin (Germany) to increase production in Fremont (California) and Shanghai (China).
Even after Monday's plunge, Tesla remained one of the most profitable blue-chip stocks this year, up 386% in 2020.