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After Hours, Tesla Stock Drops More Than 5% As Investor Day Lacks Clarity

Tesla, a manufacturer of electric vehicles, had a 2023 investor day presentation on Wednesday in Austin, Texas. Elon Musk, CEO of Tesla, spoke on stage about his “Master Plan 3” and how Tesla intends to grow in the face of heightened competition.

The presentation was heavy on vision and reviewed previous accomplishments, but it was lacking on details regarding any brand-new Tesla goods or services.

The clear road to a sustainable-energy Earth, Musk remarked near the start of the talk. It is not necessary to destroy natural environments. We don’t have to live in the cold, go without electricity, or practice any other extreme measures. The 8 billion people who currently inhabit the planet Earth could actually support considerably more civilizations than that, he continued.

Drew Baglino, senior vice president of powertrain and energy engineering at Tesla, first joined Musk on stage. They talked about a future where the business would help “re-power the grid with renewable fuels” as they increase battery output for both Tesla’s electric cars and the business’ utility-scale energy storage devices.

According to officials, Tesla intends to build 20 million electric vehicles annually by 2030. In 2022, the business reported full-year deliveries of roughly 1.31 million automobiles.

During the three-hour presentation, officials received questions from the audience, including one on how Tesla could increase its market share in China.

Tom Zhu, who is in charge of worldwide production and has long-run the APAC and China businesses for Tesla, received the inquiry from Elon Musk and then forwarded it to him. Demand doesn’t matter as long as you provide a valuable product at a fair price, according to Zhu. He continued, “We try to cut costs wherever we can and pass that value on to our customers.

“Demand is a consequence of affordability, not desire,” Musk continued. “Even modest changes in pricing have a tremendous effect on demand,” he declared.

Moreover, Zhu stated that as of Wednesday, Tesla had produced a total of 4 million vehicles.

“The first million took us 12 years to develop, and the second million took us roughly 18 months. 11 months, third million. And it will take less than seven months to construct the fourth million,” boasted Zhu, praising the company’s increasing operational effectiveness.

According to him, Tesla intends to build additional car and battery cell factories and increase annual car production at its current facilities.

According to Tesla’s head of charging Rebecca Tinucci, the business will offer 9 terawatt hours of total charging capacity in 2022, including 40,000 Superchargers and home charging. (For reference, the total annual electricity consumption in the United States is around 4,000 terawatt hours.) Around half of the company’s Superchargers in the EU, according to Tinucci, are accessible to other vehicles the business just made 10 Superchargers in the US accessible to non-Tesla drivers.

Source (CNBC)


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