Elon Musk debuts plan for Tesla at investor day occasion


SAN FRANCISCO — Elon Musk took the stage Wednesday to unveil his newest “Grasp Plan,” a street map for Tesla because the automobile firm tries to recuperate from a difficult yr.

Tesla, the electric-car firm that’s key to Musk’s fortune, shed greater than half of its worth after Musk started pursuing possession of Twitter, the social media website he bought in October for $44 billion. As Musk has devoted rising consideration to Twitter, he has confronted investor stress to exhibit his dedication to the carmaker.

The investor occasion began almost half-hour after it was scheduled to start.

Beforehand, Musk tweeted “You’re not gonna imagine this, however we’re operating a little bit late!”

Musk kicked off the occasion by outlining a plan for a extra sustainable earth — a plan that appeared to have little to do with Tesla, apart from emphasizing the significance of electrical autos.

“Driving a non-autonomous gasoline automobile is gonna be analogous to using a horse and utilizing a flip telephone,” he stated. The corporate would publish a white web page with its plan quickly, he stated.

Tesla leaders revealed some adjustments to its manufacturing processes, hinting that the efficiencies could be used on a “next-gen” car, however design government Franz von Holzhausen didn’t give particulars.

“I’d love to actually present you what I imply and unveil the next-gen automobile,” he stated. “However, you’re gonna must belief me on that till a later date.”

Tesla’s inventory worth fell in the course of the occasion, slumping almost 2 % in after-hours buying and selling.

In the meantime, the corporate has confronted demand and provide chain issues, an ageing lineup of autos and broader issues about manufacturing. Tesla has established itself because the market chief in electrical autos, breaking manufacturing and supply data and placing tens of millions of EVs within the arms of customers. But it surely has additionally confronted challenges lately, and its newest plans come as mainstream automakers pivot to electrical automobiles, creating extra competitors within the house.

Tesla has lengthy promised a pickup truck, which it dubs the Cybertruck, however has but to provide the mannequin — which has an unorthodox, angular design — since unveiling it in 2019. Tesla has additionally promised a brand new model of its Roadster sports activities automobile however has not offered specifics on an eventual launch. The corporate late final yr delivered its first long-haul vans, dubbed the Tesla Semi.

Tesla points recall of automobiles with ‘Full Self-Driving’ over crash danger

Dan Ives, an analyst with Wedbush Securities, stated in an analyst notice that Tesla’s plan would supply a key look into the corporate’s “operations and talent to satisfy demand seen for its autos globally over the approaching years.”

The agency was additionally anticipated to offer updates on a possible manufacturing facility in Mexico, including to its main manufacturing hubs in Fremont, Calif., Austin, the Berlin area and Shanghai.

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