Tesla Battery Day 2020 Live Blog

Tesla Inc.'s TSLA highly anticipated Battery Day has finally arrived. Tesla is expected to announce the million-mile battery that won't need to be replaced for over 1 million miles of driving. Battery cost improvements and energy density improvements are also expected.

Musk said the unveiling will affect long-term production especially of Semi, Cybertruck and Roadster, but “what we announce will not reach serious high-volume production until 2022."

The event will take place this afternoon following the company's annual shareholder meeting at 4:30 p.m. ET. You can watch live here on Tesla's website.

For all the latest and most pertinent information coming out of today's event, follow along here with our live blog:

7:22 p.m.: Tesla shares are down an additional 7% in after-hours trading to $393.

7:19 p.m.: Live video feed and event ends. 

7:19 p.m.: Musk tells everyone they are going to try their damndest to make everything happen. He thanks everyone for coming and listening. "Look forward to next event," says Musk. 

7:18 p.m.: End of employees talking

7:15 p.m.: Tidal has a library of 60 million tracks according to their website. 

7:13 p.m.: Tidal will be included in Tesla cars. 

7:13 p.m.: Several engineers speak and talking about how hard the process is, and how this was a massive problem. Musk offers a recruiting pitch for those who like engineering and care about sustainability to come work at Tesla. 

7:11 p.m.: Part of costs include less maintenance and electric power being cheaper than gas. 

7:09 p.m.: Discussing affordability. Lots of people want to buy a Tesla car but can't due to cost. Working on fixing this. 

7:04 p.m.: Musk discusses the benefits of having Powerwall in home. 

7:03: p.m.: Musk says again if they make enough cells, they will try to sell to others. 

7:01 p.m.: Question about music and entertainment in car. Musk says will have to improve if fully autonomous, things that become important are entertainment and productivity, no longer spending time on the car. 

7:00 p.m.: Miners are motivated says Tesla

6:57 p.m.: Tesla shares trade at $405.00

6:57 p.m.: Musk says perhaps we can overdo it and supply cells to others. 

6:56 p.m.: Question on supply and price spikes for mining components hurting EV adoption. "The spice must flow," says the presenter of question. 

6:54 p.m.: Musk says other vehicles could go electric, except for rockets. 

6:54 p.m.: Question on new cost curve opening up other vehicles or industries. 

6:54 p.m.: Slide did show 50/50 split for autos and energy. 

6:53 p.m.: Question about competitors in EV, Musk says several Chinese companies doing well, doesn't see it as much in the U.S. 

6:52 p.m.: Question about 50/50 revenue mix between auto and storage. 

6:51 p.m.: Reality is sustainability energy with lower costs than fossil fuels, says Musk

6:48 p.m.: Musk discussing environmental impact and climate change. 

6:47 p.m.: Designing Cybertruck for the American market. Will also work on the international market later. American market is the largest in the world. 

6:47 p.m.: Shares are trading down 5.8% to $399.55

6:45 p.m.: Question on Cybertruck, said it was on the slide, asks about volume. Musk says 250,000 to 300,000 a year. 

6:44 p.m.: Musk tells person they will try to get climate control in Cybertruck 

6:43 p.m.: Musk answers a question about Home HVAC. Says maybe he will start that pet project next year. Says can be done way better. Says a lot of the work is already done due to filter for car. 

6:42 p.m.: No name for $25,000 car yet.

6:41 p.m.: Now entering the Q&A portion

6:40 p.m.: New Plaid Model S will be available in 2021, can order now. 

6:40 p.m.: Show off video of Tesla Model S Plaid

6:39 p.m.: In three years, goal is $25,000 passenger car that is electric and fully autonomous. 

6:38 p.m.: Goal is to make 2 billion vehicles or 20 million vehicles per year. 

6:38 p.m.: Goal to replace 1% of global automobiles. 

6:37 p.m.: Will take 12 to 18 months to see the benefits of results. Three years to see full benefits. Bodes well for the future says Musk. 

6:36 p.m.: Total reduction 69% investment per GWh

6:35 p.m.: Total reduction 56% $/KWh

6:34 p.m.: Tesla shares now trading up .35% to $425.70 in after hours. 

6:33 p.m.: Structural batteries improve mass and range. Showing off future automotive battery vs. modern automotive battery. 

6:32 p.m.: Musk comparing manufacturing process to airplanes. 

6:29 p.m.: Tesla developed own alloy with aluminum. New alloy no heat treating or coating. 

6:28 p.m.: Finally figured out new architecture process that Tesla has wanted to do for a while. 

6:26 p.m.: Starting pilot battery recycling in house, instead of using third parties. 

6:25 p.m.: Got rights to lithium deposit, over 10,000 acres in Nevada. 

6:24 p.m.: Massive amount of lithium on Earth, Musk says. Enough to convert all cars in the U.S. to electric using only discovered lithium in the U.S. 

6:23 p.m.: Building new cathode production facility (part of cell production plant). Reduce miles traveled 

6:22 p.m.: Showing another cost in investment, process cost, and wastewater. 

6:20 p.m.: Musk discussing differences in nickel, iron and manganese 

6:19 p.m.: Musk spoke with CEOs of mining companies to get them to mine more nickel. 

6:17 p.m.: Shares of Tesla now down 1% in after hours to $419.02. 

6:15 p.m.: 5% dollar per KWh reduction

6:14 p.m.: Proposing a step change in capability and cost, use raw silicon to increase range 20%

6:13 p.m.: Discussing silicon and challenges. 

6:12 p.m.: Mentions 2030 as goal for 3 TWh

6:12 p.m.: Will continue to use suppliers, this is supplemental. Will reduce the weighted average cost of cells. Allows Tesla to make more cars. 

6:08 p.m.: Musk says every car company will have electric vehicles, but not all will be great at manufacturing. Tesla will be head and shoulders above others due to manufacturing. 

6:08 p.m.: Tesla seeking to do in one factory what other companies do in two or three factories.

6:08 p.m.: Tesla aiming to be the best at manufacturing on the Earth. 

6:05 p.m.: High-speed continuous motion assembly, compare the assembly to highway no starting and stopping. 

6:04 p.m.: Musk mentions the acquisition of Maxwell over a year ago. Says they had proof of concept but Tesla is on revision four of the dry process. 

6:04 p.m.: Showing dry process to make powder into film. Musk says it is hard, "if it was easy everyone would do it." "Simple is hard."

6:02 p.m.: Discussing the making of cells inside a factory. 

6:00 p.m.: Will take a year to reach 10GWh annualized rate at the pilot plant. Can reach 200 GWh at other plants over time. 

5:58 p.m.: Tabless batteries increase power by 6x, energy by 5x and range by 16%.

5:58 p.m.: Prior methods were "pain in the ass" for manufacturing says Musk. 

5:57 p.m.: Musk calls this a breakthrough. 

5:56 p.m.: Musk mentions nobody has ever done tabless battery before. 

5:54 p.m.: New tabless battery cell is show off, simplest manufacturing, lower costs, and fewer parts. 

5:53 p.m.: Mentions partners Panasonic, LG and CATL

5:52 p.m.: Breaking down what's inside a battery. 

5:50 p.m.: We design vehicles and factories from the ground up, now batteries too.

5:50 p.m.: Cost not improving enough.

5:49 p.m.: Goal Two: More affordable cars.

5:47 p.m.: Goal One Problem: Today's battery factories can not scale enough. 20TWh = 135 gigafactories

5:46 p.m.: Goal One: Terawatt hour scale battery production

5:45 p.m.: Tesla has sold over one million electric vehicles that have driven 26 billion miles. 

5:42 p.m: Battery Day presentation begins. 

5:30 p.m.: Shareholder meeting has ended. Musk says there will be the battery presentation and a "couple other things" announced later. Shares up about 2.5% in after-hours trading.

5:28 p.m.: Musk says a new version of autopilot will be available in about a month.

5:25 p.m.: Musk says a Tesla a "laptop on wheels."

5:18 p.m.: Musk says it's important to have a factory in every continent; Tells shareholders that the Shanghai assembly plant could eventually be scaled up to build over a million vehicles a year.

5:13 p.m.: Musk says the "future is looking pretty promising from a profitability standpoint."

5:03 p.m.: Elon Musk now speaking during Tesla's Annual Shareholder Meeting