Click to Skip Ad
Closing in...

Tesla Model 3: Samsung batteries not included

Tesla Model 3 Samsung Batteries

There’s probably no objective way to quantify the value of tweets, but when the social network is used by execs to express official business-related opinions, tweets can be incredibly valuable. Take Tesla CEO Elon Musk, who recently clarified via Twitter that Tesla is working exclusively with Panasonic for Model 3 batteries. That single tweet is valued at either $580 million or $800 million, depending on whom you ask.

DON’T MISS: It’s now possible to hack Android to run on your iPhone

As The Wall Street Journal reports, Samsung lost $580 million in market capitalization following that tweet.

Meanwhile, long-time Tesla partner Panasonic gained $800 million in value the same day.

Tesla is one of the hottest car companies right now, leading the electric car revolution. But electric cars need electric batteries to operate, so investors are very interested in Tesla’s cell suppliers.

Musk went even further with his clarification, confirming that all Tesla cars, including Model S, Model X, and Model 3 will have Panasonic batteries. Furthermore, he confirmed that the Roadster has LG Chem batteries and that the Samsung batteries are going to go to the Tesla Energy division.

The Journal points out that Tesla-related news, even if it’s delivered in 140 characters or less, can mean the world to suppliers. Companies including Hankook Tire and LG Chem experienced similar effects in previous months when news broke out that they’ll make components for Tesla cars, with both stocks soaring. Taiwan’s Hota Industrial Manufacturing, meanwhile, saw stock dropping in April after reports said Tesla was looking for a second supply of gearboxes – before that news dropped, the company’s stock had risen almost 10 times since 2013.

Chris Smith started writing about gadgets as a hobby, and before he knew it he was sharing his views on tech stuff with readers around the world. Whenever he's not writing about gadgets he miserably fails to stay away from them, although he desperately tries. But that's not necessarily a bad thing.