Tesla Inc. will reveal the third version of Elon Musk’s “master plan” next month, nearly a full year after the CEO said he was working on the next version.
Musk said on Twitter that the electric car maker will outline “the path to a fully sustainable energy future for the planet” during its investor day on March 1. Tesla has said its expansion plans and next-generation cheap car platform are on the agenda.
Musk first unveiled Tesla’s master plan in 2006, outlining ambitions to build a high-performance sports car and use the proceeds from that product to gradually build more affordable electric vehicles. A decade later, he wrote “part deux,” detailing ambitions to build solar roofs, expand to all major automotive segments and develop self-driving capabilities.
Much of the second master plan remains unfinished. The launch of the Solar Roof flopped, Tesla produced only four cars, and its cars weren’t self-driving. Tesla’s claims about its Autopilot capabilities — and Musk’s role in shaping those capabilities — are now under investigation by the Justice Department and the Securities and Exchange Commission.
Tesla shares have soared more than 1,200 percent since Musk unveiled his second master plan, though that gain was undercut by Musk’s acquisition of Twitter Inc. last year and lower-than-expected vehicle deliveries. The stock is down 65% in 2022, its first annual decline since 2016.
Tesla shares rallied earlier this year on optimism that deep price cuts would revive sales growth. Musk said last month that the company aims to produce 2 million vehicles this year and minimize the impact of price cuts by cutting costs.
The automaker is also hoping to make some progress in fleshing out its lineup with limited production of its Semi and Cybertruck, which began delivering to customers in December, scheduled to begin later this year.
First published date: February 8, 2023 at 16:01 PM CST