Elon Musk plans to host the first Tesla Investor Day at Texas’ Gigafactory on Wednesday to unveil “Master Plan 3,” which he says will appease doubters of his company.
Rumors suggest that investors and superfans will learn about the company’s expansion, production of the Cybertruck and an affordable Generation 3 platform, an EV costing up to $30,000.
Musk unveiled the idea of his Master Plan 3 last March, noting that it would cover topics such as “scaling up (production) to extremes, what is needed to divert humanity from fossil fuels, and AI.”
The event kicks off at 4pm ET and will be broadcast via a live stream.
Elon Musk hosts Tesla’s first Investor Day sharing details about the company’s operation
Tesla has become the most valuable car company in the world.
Musk has the ambition to crack the mass market and turn the EV maker into a company that can create a more climate-friendly world.
Tesla has been outperforming the industry lately, rapidly ramping up deliveries despite the pandemic and supply chain disruptions.
But the company cut prices in recent months to boost sales, which have been squeezed by a weak economy and growing threats from rivals in the US and China.
The automaker has just four models, all priced toward the higher end of the market.
Tesla has promised to discuss expansion and investment plans, with various projects from batteries to self-driving technology to new factories – which could be outlined later today.
News broke on Tuesday that Tesla will be breaking ground in Mexico on a new assembly plant worth more than $5 billion.
A Mexican official said the factory would be a Tesla “Gigafactory” that could produce the semi-truck, the Roadster sports car and possibly other vehicles.
Another official said the plant could produce some kind of sport utility vehicle (SUV).
While the event will be streamed online, it will also be held in person at the company’s Texas Gigafactory (pictured)
Musk unveiled the idea of his Master Plan 3 last March, noting that it would cover topics such as “scaling up (production) to extremes, what it takes to move humanity away from fossil fuels, and AI.”
Tesla has car factories in the US states of California and Texas, as well as in Berlin and Shanghai.
New about the factory in Mexico follows that Tesla will have its own lane at the Mexican border crossing in 2022.
The exclusive border patrol track is located between Texas and Nuevo León, Mexico to reduce travel time for its suppliers.
With the automaker’s exclusive border access, the journey for its suppliers is reduced to just 10 minutes – it can be more than 25 minutes during rush hour.
Tesla has six suppliers in Nuevo León, including APG Mexico and Taiwan-based companies EnFlex Corp. and Quanta Computer.
Musk is expected to touch on supply chain strategies from mining materials to how batteries are manufactured and vehicles.
Tesla can also confirm a long-rumoured ‘Project Highland’ Model 3 upgrade.
Reuters reported Wednesday that an upgraded Model 3, with an emphasis on lower production costs, will go into production at the Shanghai plant in September.
Model Y is also expected to see updated changes, both inside and out, which could enter production in 2024.
“The thing to look forward to this year is the Gen 3 platform, which is key to growth as it will enable cheaper EVs, which should boost volume as demand stagnates and competition intensifies,” he wrote. Third Bridge analyst Orwa Mohamad late Tuesday.
Event attendees will likely be given a tour of the Texas facility, where the world could see the highly anticipated Cybertruck on the assembly line.
The futuristic-looking vehicle has suffered several delays, leaving millions of reservations unfilled.
Musk’s recent release timeline, but this has yet to be seen.
Check-in for the event was at 2pm and some attendees shared videos and images of the Cybertruck Beta prototype on Twitter.
Capturing the mass market is critical to Tesla’s goal of increasing shipments 15-fold to 20 million vehicles by 2030.
Event attendees will likely be given a tour of the Texas facility, where the world could see the much-anticipated Cybertruck on the assembly line
Check-in for the event was at 2pm and some attendees shared videos and images of the Cybertruck Beta prototype on Twitter
To do that, Tesla will need to improve its battery technology, which Musk has called the “fundamental limiting factor” for the transition to renewable energy, making it a likely topic for Wednesday’s speech.
Plans for a more affordable car could attract the most interest.
In 2020, Musk unveiled a plan to develop batteries in-house, which he said would make self-driving electric cars priced at $25,000 feasible by 2023, but Tesla has struggled to scale production of the so-called 4680 batteries .
Some investors are concerned that Musk is spending too much time on his latest major acquisition, Twitter.
They also hope the CEO will answer calls to buy back shares at about half of their November 2021 peaks, even after recovering more than 60 percent this year.
After an ugly 2022, Tesla stock has surged in early 2023 and is up about 67 percent this year, an increase that has once again made Musk the richest person in the world.
“Investors are focused on what can change the narrative to continue the stock’s recent rally,” Morgan Stanley analyst Adam Jonas said in a note.
Musk previously revealed the first phase of his “Master Plan” in 2006, which aimed to produce a luxury sports car before more affordable cars.
The second phase included ambitious targets for solar panels, autonomous driving and the production of a fleet of Tesla vehicles in major vehicle categories.
Musk is credited with catalyzing a revolution in the global auto industry toward EVs, though he still hasn’t achieved the important goal he set for Tesla.