Musk’s Tesla Master Plan Disappoints, No Detail on New Cars

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Musk’s Tesla Master Plan Disappoints, No Detail on New Cars

Bloomberg2023-03-02

Tesla shares fall in extended trade, no new products unveiledMusk sees potential for clean energy with little sacrificeElon Musk’s much-ballyhooed third Master Plan for Tesla Inc. fell flat with ...

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Lars Moravy, Tesla’s vice-president of vehicle engineering was similarly vague, answering an analyst question on timing with only: “We’re gonna go as fast as we can.”The longer the event went on, the more investors appeared to lose heart. Tesla shares fell as much as 6.8% to $189 in after-hours trading. Before today, the stock had soared from a two-year low it plumbed in early January, adding roughly $310 billion of market value and returning Musk to the top of the Bloomberg Billionaires Index.Musk, 51, started the event by outlining his vision for a global switch to electric vehicles, driven by $10 trillion in spending to develop sustainable energy worldwide. The company’s investor event was streamed live from Tesla’s factory in Austin, Texas.“Earth will move to a sustainable energy economy,” Tesla’s chief executive officer said. “And it will happen in your lifetime.”Key Takeaways From Tesla’s Investor Day:Musk didn’t unveil the next-generation vehicle platform or car. Instead, he and his colleagues spent a lot of time talking about operational efficiencies and efforts to drive down costs.Wall Street was expecting a lot more about the next-generation vehicle, and the event lacked a big headline. The shares declined in after-hours trading.Musk confirmed that Tesla will build its next auto plant in Mexico, near Monterrey, but didn’t provide any fresh details except that the next-generation car will be built there.Drew Baglino, Tesla’s senior vice president of powertrain and energy engineering, confirmed that the company has broken ground on a lithium refining plant in Corpus Christi, Texas.Tesla used the event to showcase its deep bench of executive talent, including people that we have never heard from before. At the end, during the Q&A, Musk shared the stage with 16 other people.In its own drive for efficiency, the EV maker plans to reduce the footprint of future manufacturing plants by 40%. Chief Financial Officer Zach Kirkhorn vowed to cut production costs in half for Tesla’s next-generation vehicles.One product Tesla could expand to is heat pumps. Musk and Drew Baglino, his senior vice president of powertrain and energy engineering, said heat pumps could dramatically cut home and office-heating costs, calling them one of the low hanging fruit of the transition to sustainable energy.Tesla went to great lengths to introduce several executives who are largely unknown to investors. For example, Rebecca Tinucci, the head of global charging infrastructure, took to the stage to talk about the company’s Supercharger network and the “Magic Dock” that lets drivers of other EVs charge at Tesla stations.Musk bought Twitter in October, leading some investors to wonder if he’s spread himself too thin. Letting so many other executives share the limelight shows Tesla has a deep bench of talent.The company also touted its growing ability to get production facilities up and running quickly. Tesla said it has broken ground on a lithium refinery in Corpus Christi, Texas, and aims to start output of battery-grade lithium chemicals within 12 months.“That’s the target,” Baglino said.Tesla did say again that the Cybertruck is coming this year, with volume production expected in 2024.The new corporate vision aims to build upon the US electric vehicle market leader’s growth from a niche player into a mainstream automotive manufacturer. Tesla’s two previous strategic plans were unveiled in 2006 and 2016.Scores of investors flocked to Austin for the invitation-only event, where Tesla planned to showcase its “most advanced production line.”Musk published hisfirst Master Planmore than a decade ago, laying out Tesla’s go-to-market strategy of building an electric sports car, then a series of more affordable cars. The company has executed on that vision with the Roadster, the Model S and then the Model 3 sedan — its cheapest vehicle which starts at around $43,000.Ten years later, Musk releasedMaster Plan, Part Deux,as Tesla was acquiring SolarCity. Musk served as chairman of the solar-panel installer, which was led by his cousins. That plan talked about solar roofs with battery storage, an expanded vehicle lineup and self-driving technology.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":true,"newsSizeData":{"likeSize":216,"commentSize":21,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}