Tesla CEO Elon Musk unveils breakthrough in battery technology

Tesla chief Elon Musk (Susan Walsh/AP)

Tesla is working on new battery technology that CEO Elon Musk says will enable the company within the next three years to make sleeker, more affordable cars that can travel dramatically longer distances on a single charge.

But the battery breakthroughs that the entrepreneur unveiled on Tuesday at a highly anticipated event did not impress investors.