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Sunday, May 19, 2024

Tesla Investor Day: Elon Musk Unveils ‘Master Plan 3’ | World News


Elon Musk will aim to quell any doubts teslaThe serial entrepreneur was in the electric car race when he held an investor day on Wednesday.

Invoking his signature flare, Musk promised to unveil “Master Plan 3” at the party, which would contain “a path to a fully sustainable energy future for Earth,” Musk said on Twitter in early February.

Read it here: Elon Musk may announce plans to make Tesla’s affordable electric car this week

The event, which will take place at Tesla’s factory in Texas, will be webcast live from 2100 GMT on Wednesday.

Jessica Caldwell, an auto industry expert at Edmunds.com, said: “Since he’s making a commitment to all citizens of the planet, not just investors, it would be nice to have some pretty big thing.”

Caldwell would like to see more clues about how Tesla plans to ramp up production. Other key items to watch include concrete plans to release more affordable electric cars (around $25,000) and new models following the last Tesla launch in 2020.

“He has big ideas. But he’s proven that you have to take what he says with a grain of salt,” Caldwell said.

Musk “has to be more specific, at least in the short term,” Caldwell added.

Wedbush analyst Dan Ives wants Musk to detail plans for the Tesla pickup, Cybertruckwhich will start production this summer, and the Semi truck, which will start deliveries in late 2022.

Like Caldwell, Ives is curious to know the path to a more affordable Tesla EV, as well as updates to the Tesla 4680 battery format.

Other things to watch include Tesla’s plans to procure lithium and key raw materials, as well as updates on the state of demand for driver-assistance technology and electric vehicles.

Ives said Musk needed to develop a “broader strategic roadmap for the future” given the “green wave of the global shift to electric vehicles.”

Wall Street rebounds

The gathering comes as Tesla tries to defend its dominance in electric vehicles in the face of increasing competition in the market.

The growing list of EV makers includes Chinese conglomerates such as BYD as well as traditional automakers such as General Motors, Volkswagen and Stellantis.

Also lingering is the extent to which Musk has focused on Tesla while running Twitter, which the billionaire bought in late October.

After an ugly 2022, Tesla shares rebounded in early 2023 and are up about 67% so far this year, a surge that has re-emerged Musk as the world’s richest man.

“Investors are focused on what could change the narrative to extend the stock’s recent rally,” Morgan Stanley analyst Adam Jonas said in a note.

Musk previously unveiled the first phase of his “master plan” in 2006, focusing on producing luxury sports cars ahead of more affordable cars.

The second phase includes ambitious goals for solar panels, self-driving cars and producing a Tesla fleet of major vehicle categories.

Musk has been credited with revolutionizing the global auto industry to electric vehicles, though he has still fallen short of important goals he has set for Tesla.

Read it here: Tesla, GM and more automakers flock to mining activity to secure EV supplies

The company’s lowest-priced car, the Model 3, starts at $43,000 in the United States — too expensive for a mass-market vehicle for many consumers.

Musk also missed his own deadline to develop a fully self-driving car, and Tesla’s driver-assistance technology has sparked investigations by U.S. regulators.


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