Shares of Tesla were down more than 4% on Tuesday morning just a few hours before the electric carmaker’s annual meeting of shareholders and so-called Battery Day event.
The drop came after CEO Elon Musk tempered expectations for what he planned to announce on Battery Day. In a series of tweets late Monday, he said the announcement would be related to long-term production of the Tesla Semi, Cybertruck, and Roadster, “but what we announce will not reach serious high-volume production until 2022.”
Innovation around battery technology is seen as key to the future of electric vehicles. Tesla is already an industry leader, but the extent to which it can push the technology forward—and how quickly that will happen—is an open question.
You can watch a live stream of Tesla’s shareholder meeting and Battery Day event on the Tesla website. The event is scheduled to take place this afternoon at 1:30 p.m. PT.