It’s the latest innovation push by the Silicon Valley car builder that has aimed to rewrite the rules on electric vehicles, making them performance-oriented and aspirational in a way that has eluded competitors. But electric vehicles constitute a small slice of the overall car market, and to expand, Tesla will need to reign supreme over not only the manufacturing of vehicles but also their lifeblood: batteries. Elon Musk plans to announce Tesla’s plans for tackling that issue at a widely anticipated “Battery Day” event Tuesday.
“Today, [electric vehicles] account for about 3% of cars sold globally,” Gene Munster, an investor and managing partner of Loup Ventures, wrote in an analyst note ahead of the event. “Tesla has an opportunity to parlay its current 80% [electric vehicle] market share in the US, along with about 20% in Europe and Asia, into a massive business in the years to come. To be