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Investors slashed USD50 billion (Sh5.4 trillion) from Tesla Inc's market value on Tuesday despite CEO Elon Musk's promise to cut electric vehicle costs so radically that a USD25,000 car that drives itself will be possible, but not for at least three years.
Tesla’s market cap dropped USD20 billion (h2.1 trillion) in just two hours after trading closed Tuesday, as Musk and other Tesla executives presented their new battery and manufacturing strategies. Shares closed down 5.6 per cent and dropped another 6.9 per cent after hours.
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