Technology

In this article

Elon Musk speaks at Tesla’s 2023 investor day on March 1.
Screenshot

Electric vehicle maker Tesla laid out its long-term vision at a 2023 Investor Day presentation in Austin, Texas, on Wednesday. CEO Elon Musk took the stage to share his “Master Plan 3,” and to discuss how Tesla plans to scale up in the face of increasing competition.

Tesla’s goal is to produce 20 million electric vehicles per year by 2030, executives reiterated. Musk said, “Earth can and will move to a sustainable energy economy, and will do so in your lifetime.”

To start, Musk was joined on stage by Senior Vice President of Powertrain and Energy Engineering at Tesla, Drew Baglino. They discussed a future in which the company would play a role in “re-powering the grid with renewable fuels,” even as drivers move into fully electric and, one day, autonomous vehicles.

Tesla design leader Franz von Holzhausen, and vice president of vehicle engineering Lars Moravy, took the stage to show off new manufacturing processes meant to improve the efficiency of Tesla vehicle production. But von Holzhausen said that Tesla would not yet reveal its “next gen” vehicle.

Musk’s ambitious Master Plan Part Deux was published in 2016, and has not been completely fulfilled. It included four main objectives:

  • “Create stunning solar roofs with seamlessly integrated battery storage”
  • “Expand the electric vehicle product line to address all major segments”
  • “Develop a self-driving capability that is 10X safer than manual via massive fleet learning”
  • “Enable your car to make money for you when you aren’t using it”

Tesla streamed its presentation both on YouTube, where the company has traditionally streamed its events, but also on Twitter.

Musk acquired the San Francisco-based social media company for around $44 billion in October 2022, selling around $23 billion worth of his Tesla shares in part to finance the deal. He may reveal more details about how the two plan to work together moving forward.

As CNBC previously reported, Musk has authorized a myriad of Tesla, SpaceX and Boring Co. execs and engineers to work for him at Twitter.

Ahead of the 2023 Investor Day, at a press conference on Tuesday, Mexico president Andres Manuel Lopez Obrador said Tesla had agreed to build a large factory in Monterrey, Mexico. He said Tesla agreed to use recycled water and take other initiatives to cope with water-scarcity in the region.

Tesla shares have rebounded from declines during 2022, and are up more than 60% for the year so far. The stock dropped 1.43% on Wednesday prior to the event.

According to Ortex, a short interest tracker, “After delivering $4.5 billion in profits to short sellers in January, TSLA’s 19% rise in February has helped pile on losses for TSLA bears. ORTEX estimates that TSLA shorts incurred $3 billion in losses for February, the biggest short loss of the month by a meaningful margin (#2 was NVDA with a $1.5 billion loss for shorts).”

Mizuho Securities analysts maintained a buy rating on shares of Tesla ahead of Investor Day, seeing Tesla in a leadership position in a growing market for fully electric vehicles. They wrote, in a note earlier this week, “Near-term, we see continued strength in TSLA’s market share, but see cheaper competitor EVs coming to market as potentially dilutive to TSLA’s share of the US EV market.”

Currently, the lowest-priced Tesla available is the Model 3 sedan, which starts at a price point of around $43,000, they wrote. Seven models from other automakers are currently priced below that, Mizhuo noted.

This story is developing, please check back for updates.

— CNBC’s Michael Bloom contributed to this report.


Articles You May Like

Mercedes is upgrading the EQS with more range and a more classic grille design option
Police ‘assessing’ hate speech complaint against Lee Anderson
Reddit seeking a valuation of up to $6.5 billion in IPO
Sony to lay off 900 workers from PlayStation division, or 8% of unit’s global workforce
Trump’s dominance grows after he wins three more state caucuses