Tesla Motors' price drops after CEO Elon Musk admits stock is 'kind of high right now'

June 24, 2017 – 08:10 am

Musk (left) made the remarks in Nevada while announcing the state would be the site for Tesla's $5 billion battery factory. Gov. Brian Sandoval (left-background) says the move will bring Nevada some 6, 500 jobs

Musk says investors should be in it for the long run.

'If you care about the long-term, Tesla, I think the stock is a good price, ' he told CNBC. 'If you look at the short term, it is less clear.'

Musk made the remarks to CNBC on Thursday as he announced that Nevada was the location chosen for Tesla's gigantic lithium-ion battery plant, which is expected to bring down the cost of Tesla Model 3 by , 800.

CEO Elon Musk says Tesla Motors is overvalued right now because investors 'often get carried away' with his companyThe billion facility, called the 'gigafactory, ' is expected to bring 6, 500 jobs to the state and 0 billion in economic benefits, according to CNBC. In return, the state offered Tesla up to .3 billion in tax breaks.

Also vying for the plant had been Arizona, California, New Mexico and Texas.

'The biggest single factor was time to completion, because unless the gigafactory is ready when we need to produce the mass-market affordable electric car, the vehicle factory will be stalled — so time to execution was extremely important, ' Musk told CNBC.

'Nevada was in the lead, I would say number one, in time to execution.'

The factory is expected to open by 2017.

Musk (center) talks to reporters after announcing that Tesla Motors would build its 'gigafactory' in Nevada

Security guards at the gate to the site Tahoe Reno Industrial Center about 15 miles east of Reno, Nevada. Tesla Motors has selected the site in Nevada for a massive, $5 billion factory

How it will work: The 'gigafactory, ' as Tesla calls the project, would bring the cost of batteries down by producing them on a huge scale. Its approximately 10 million square feet, equivalent to about 174 football fields, would be running by 2017. Batteries will be produced at the site, then shipped to Fremont, where the cars are assembled

Tesla Motors CEO Elon Musk, left, and Nevada Gov. Brian Sandoval announce Nevada as the new site for a $5 billion car battery gigafactory, during a press conference at the Capitol in Carson City, Nev., on Thursday, Sept. 4, 2014. The move is expected to create 6,500 jobs. (AP Photo/Cathleen Allison) BERLIN, GERMANY - SEPTEMBER 05:  Visitors look at a Tesla Model S electric car at the Panasonic stand at the 2014 IFA home electronics and appliances trade fair on September 5, 2014 in Berlin, Germany. IFA is the world's biggest fair of its kind and is open to the public through September 10.  (Photo by Sean Gallup/Getty Images) Musk (center) talks to reporters after announcing that Tesla Motors would build its 'gigafactory' in Nevada How it will work: The 'gigafactory,' as Tesla calls the project, would bring the cost of batteries down by producing them on a huge scale. Its approximately 10 million square feet, equivalent to about 174 football fields, would be running by 2017. BNatteries will be produced at the site, then shipped to Fremot, where the cars are assembled.

Source: www.dailymail.co.uk

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