they want to buy them from the likes of lg can and panasonic -- lg chem and panasonic.they can pass the cost down to the consumer, getting close to price parity of the combustion engine vehicle, we will see the adoption of electric vehicles globally pick up speed. caroline: with a lot of guidance from you, and i was talking last week to the leader of one of the key competitors to tesla on electric trucks. here is what he had to say. >> there will need to be hundreds of suppliers making the parts. there needs to be supply chains around those suppliers for the materials. batteries is at the center of a lot of this. thinking about supply is important for us. caroline: he is talking supply chain there. ed: one of the announcements yesterday is tesla invested in a lithium clay claim in nevada. they want to build their own cells. that is part of the cost consideration i was talking about. caroline: ed, you were all over battery day. we thank you. we will look at tesla and its share price. joe: first thing we will look at in the morning. caroline: that is all for "what'd you m

panasonic inith reno where tesla makes them into battery packs.s this is a concern that demand for battery cells will outstrip supply. that is the rationale behind this. tesla will work with its suppliers and look toward making its own. the demand is so great in the future. ed ludlow there. you can get more on tesla battery day on bloomberg, you can get commentary and analysis from expert editors. pelosihearing from nancy saying the stopgap funding deal and the treasury secretary mnuchin, we are getting some details about that. we were supposed to get these last week. we had last-minute disputes over the details surrounding farm made. we are hearing from pelosi saying the stopgap funding is within reach. we will get you more details on that deal now being made according to the office of nancy pelosi. new zealand's central bank is expected to standpat today. us coming up next for a preview. this is bloomberg. ♪ of new zealand is on course for 1%. the unprecedented decline seen in the gdp numbers expected to be short-lived, taking some pressure off

they will continue to buy cells from the likes of panasonic, but ultimately they did raise questions those companie'' ability to supply cells and meet demand. . tesla has a prototype. see makers falling today. outlso plans to phase cobalt, which is an ethical consideration. most cobol comes from the democratic republic of congo. they are also making moves in their own lithium interests. they have invested in a lithium mine in nevada, which makes it seems like tesla is focused on vertical integration. the concern from the lithium producers is that they may be cut out of the supply chain equation. and tesla takes a step further to doing everything itself, which is unusual in the automotive industry because many of the legacy automakers are continuing to buy cells from the likes of lg10 and panasonic. vonnie: tesla down 8.3%. thank you for joining us, ed ludlow. policymakers gathering for the third annual bloomberg equality summit. spoke with jim fitterling, dow ceo, about sustainable investments and new types of demand. a balanced scorecard today. you have to balance -- you have to del

they buy from panasonic, lg, chinese company as well.at we're expecting today is to hear potentially that tesla is going to start making its own cells. that's really what he is trying to warning about last night is he still going to be buying cells from the suppliers but the problem is that the demand for cells in the globe for other automakers and for tesla is so large he says he can't get the cells he needs for that future growth he anticipated. you have to remember, every automaker in the world is now essentially trying to catch up with tesla in the world of electric cars in part because they had success but in part because of regulatory issues around the world and so they are trying to gobble up the cells as fast as possible and a key thing for tesla in the past has been trying to own that supply chain elon musk wanted to do in house cell making in the past. it could be that he is ready for that the. >> give us a quick thought on the departure of trevor milton from the nikola, what it means for that company and then for tesla. >> i'l

more and better battery technology that's in-house built by tesla it, we will still buy more lg and panasonicrs. once they want to caveat as well, neil, is we're also looking for some delivery numbers. what moved the stock at the start of this week? when elon musk had this leaked e-mail that said, look, guys, we are is so close, we have a shot at record delivery for the third quarter. you had 90,000 the first quarter, close to it the second quarter, 144,000 this quarter which will be the best since the last three months of last year but still far short of that 500,000 delivery pledge that he started off this year with. neil: all right. susan li, great to have you on, following all these fast moving developments. if we get any word out of what tesla is doing, we'll keep you posted. right now the dow moving ahead about 83 points right now. we're also following developments on the virus -- i'm sorry, about 19 points right now. following some positive developments on the virus here, the 200,000-plus deaths notwithstanding. we'll explain this dichotomy right after this. ♪ ♪ - hello, i'm michael yo

we see this with toyota and panasonic.eason we are seeing this is it is existential to be able to bring millions of electric cars on the roads, you have to be able to control at least some of your own cell supply. i don't think you'll see them moving away from partners altogether, but you need to control some of it. vonnie: looking forward to what we will be hearing later on from elon musk. that is gene berdichevsky, sila nanotechnologies ceo. also tesla employee number seven. in the race for a covid vaccine, why pfizer may beat out its competitors. this is bloomberg. ♪ amanda: this is bloomberg markets. i'm amanda lang in toronto. pfizer and its german partner are in the hunt for a covid-19 vaccine, and make it an early look at the efficacy of their vaccine at the hand of the longer-term trials. what kind of advantage does that give the duo against others in this race? robert, let's start with what we are talking about here. 32nderstand there are some infections that they will get a look at. how does that distinguish from

panasonic and other asian battery makers lose tesla as a customer as well. of the big winners we are watching is nike, the best performer on the dow industrial after the sportswear company blew away analyst estimates with its latest quarterly results. almost double the average analyst estimate as digital sales drove the revenue number to the little change. david: thank you, so much to scarlet fu for that report on the markets. and, the need of poor minority communities for financial services. we talk with deron williams to andess the sun -- unbank underbank. this is balance of power on bluebird television and radio. ♪ -- bloomberg television and radio. ♪ ♪ you can go your own way ♪ go your own way your wireless. your rules. only xfinity mobile lets you choose shared data, unlimited or a mix of each. and switch anytime so you only pay for the data you need. switch and save up to $400 a year on your wireless bill. with the carrier rated #1 in customer satisfaction. call, click, or visit your local xfinity store today. power this is balance of on bloomberg tele

they do invest very heavily there's no question about that the core of their technology came from panasonic. it's the world's best in electr electric chemistry there's many good companies out there p i encourage people to do that the reality is they don't have anything that nobody else has. that is a very, very important thing to say max well technologies that they bought, the battery electric stuff is a dud the stuff out of maryland is much more interesting. they're adopting for difference technology solutions tesla may have a big factory but they're not the only one it's not like semiconductors where the size of your factory determines your cost in batteries, your material costs determine your costs it comes down to how much juice are you getting in the can and what's your cost of materials. they have no fundamental advantage on materials cost. they are doing a great job on produce whag they neing who the. they make great cards. there's no fundamental advantage tesla has over batteries over any global producers >> they will have their case in about 19 days to say why they are superior tha

ahead of tesla's battery day, we are keeping an eye on battery makers like lg and panasonic after elonusk said tesla would boost its purchases. miners in focus. lithium will outperform other ev battery materials in the coming years. precious metals had a down day. in the face of a stronger dollar. back above $1900 but under pressure this morning. the aussie folding steady after falling as much as 1.6% overnight, not trading at 72, head of the rba deputy governor speak which will be closely scrutinized for any you'll conserve and qe. the hong kong authority hosting the peg once again to curve the hong kong dollar strength amid this flood of ipo's. set to debut today. offshore yuan trading near a one-week low as we see the pullback in risk appetite overnight. haidi? thing that will be weighing on the tech sector will be the tiktok-oracle deal, suddenly looking shaky again after president trump said he might reneg on his approval if he finds that oracle does not have total control. the government signaling reluctance on the deal. our senior tech reporter shelly banjo has the latest food t

the second tweet he goes on to say we intend to increase, not reduce battery cell purchases from panasonic, lg and catl and possibly other partners too. however even with all of our sell suppliers going at maximum speed, we still foresee significant shortages in 2022 and beyond unless we take action ourselves. i think the reason we see the stock under pressure is people are foreseeing tesla saying this is what we're working on and this is what we envision and that is where we're headed but it is going to take time to get there. so a little bit longer time horizon and perhaps some greater investment by tesla in order to get the capacity and get the breakthrough in cell production that they need and that may be the reason why you're seeing shares of tesla under production and again we'll get the announcements regarding battery day at this time tomorrow afternoon. >> it is interesting, phil, because the timetable had always been 2022 in expectation of any sort of mass production of any sort of technology the expectation was that it would be a battery with 50% more energy density so a more eff

now, musk went on to say that tesla would rely more on current suppliers, panasonic, lg and catl.'s preview battery day with our long-time tesla buyer, ross gerber and noted wall street bear, gordon johnson. ross, you are in the flesh outside tesla headquarters in fremont, california. what are you seeing as you wait to get granted the open door to walk into battery day? >> well, i was granted the open door first of anybody, and i have to shoot this for you guys because i really wanted to give you guys insight of how huge this is. liz: showoff. >> no, it's quite amazing what's going on here. this is a huge event. it is like unveiling the light bulb with edison right now. we are super-excited, the vibe here is so much energy. this is a very exciting day for history and solving climate change and i'm very excited to see the plans laid out. liz: yeah. it is exciting. but that was really fully superlative. wow, gordon. what are you expecting from battery day? >> we're not expecting much. listen, in 2012, elon musk did effectively his first battery day where he did the battery swap, whe

and they eave real and they've really been working hard with their partners catl in china and panasonica point where they could make a battery with no cobalt whatsoever, which would be a huge breakthrough for tesla. we think they'll provide a lot more detail on the cost and content of the battery probably what elon musk was referring to in that tweet last night is they'll start producing in high volumes this battery starting in 2022 until then, they'll rely on their partner, panasonic and ctal to produce the batteries. >> we've got to keep it short, garrett. we'll all be watching. maybe he'll lower his expectation when something earth-shattering comes up. we hope. hope springs eternal andrew. >>> coming up ahead, our exclusioner interview with expedia chairman barry diller who will give us his latest take on media, travel, and so much more that's ahead after the break take a look at the futures right now after the wild day yesterday. gsre looking a little better on nasdaq, but down s&p we've often wondered what keeps the world running. economics? algorithms? magic? turns out, it's you.

so even if they build more of their own batteries, the good news is opinion panasonic and lg, they'llry cell unveiled today, new battery technology, longer charges and hopefully longer battery life. maybe not the million mile battery that he's been talking about, but still something is also encouraging. however, we do have tesla up some 400% this year, down a little bit because of elon musk not being i e elon musk and saying hold your horses. david: you know, he plays a game. he plays good cop and bad cop with himself, with his own company. [laughter] you never know what you're going to get. >> he's his own best hype man, as we call it. david: yeah. what's the psychological term, big ups and big downs? nothing is middle, it's east way up or way down. >> that's right. david: let's check nikola are, bouncing back after the steep drop from trevor milton's resignation on monday. of course, charges that he was involved in fraud. wasn't just pumping up his business, but actually going beyond. he's still being investigated. he's pulled back from the company, left with $3 billion worth of toc

right now, we have the shanghai production, up its currently being supplied by panasonic.to the equation later in the year. it's not really a case of tesla abandoning the cell suppliers. quite the opposite. elon's concern is the demand for electric vehicles and the battery packs will be so great that it will outstrip the ability of those suppliers to supply cells to tesla and that is the rationale into moving into cell production along with the idea that they want to continue to cut costs. there are other ethical goals around removing cobalt from the equation. that's a consideration. tesla has reduced the use of cobalt because it comes from the democratic republic of congo, where there is been noted uses of child labor and non-consideration of environmental status. the driving force behind all of this is cutting costs and passing that onto the consumer in the form of a more affordable ev. any morehe give us information about production at the shanghai facility? ed: yes, so he wants to target annual production of around one million units out of shanghai which is interesting

china's company and japan's panasonic and is expected to grow to 26 billion dollars in five years withvenue growth estimated at more than 30% as customers like tesla see sales tightening. , seen as tesla's rival, has seen shares plunged after its founder decided to step down. su keenan is following these developments. at one point, shares down as much as 30%. is this really seen as a hit to the future of the company, given that he was such a driver of these grand ambitions? >> he was the creator. the decision to step down clearly costing him. shares of the company trevor milton founded are down 20% by the end of the session. at one point, down 30%. oft caused a personal loss about $1 billion. the former chairman was forced andive up his board seat 166 million in stock units as part of the agreement to step down. the stock has been on a roller coaster ride. soaring once he took it public in a reverse merger. he got a third of the phoenix-based company. we saw shares continue to fall, continuing the roller coaster ride. the college dropout, has been a rough ride. shares took off after th

remember that tesla has been partnering with panasonic in a jv they have been producing their own cellsn ree no, and now they're taking it to the next level by incorporating their own manufacturing. it's a bold move it targets talking about not something that we have heard from many of the competitors certainly not the auto makers but definitely not the battery suppliers either i think they attract the best talent what's important is that this unlocks tremendously different economics for electric vehicles. this prompts mass adoption they're literally cutting the costs of batteries in half >> and also the promise that musk made to make a 25,000 full self-driving car within three years. we've heard promises from musk before how legitimate do you think this one is >> i think you have to take everything musk says with a grain of salt. he has a historical track record of overpromising, underdelivering, missing targets. it's ambitious to get to a $25,000 vehicle. i take wit a grain of salt i think the issue in terms of sale cost is that this is according to elon musk, something that's going t

everybody to get product out he's had a challenge with supply chain, a little bit of a challenge panasonic base, one in china, one in hong kong i think he's making the right moves. it speed with which he'll get there. i think there would be a stronger thing when we reduced in '08 here we are in 2020 and modest take-up by the u.s. consumer >> part of that plays into the discussion around competition, bob, not just from quantum scape which is backed by bill gates but legacy automakers like folks wag and general motors pouring billions into the electric vehicle market i'm curious, how does that set the stage for today's event and does this give elon musk an opportunity to set himself apart from the others? >> there's no question, i would agree with that. he's been at it longer, but i'm sure a lot of these companies, i know in chrysler, this goes back to '08-'09, we were looking at battery. we had some prototypes there, but i think there's been a lot of work done, you know, as they talk about here, i wouldn't discount vw. i wouldn't discount general motors i wouldn't discount some of these oth