The third part of Elon Musk’s “Master Plan” for Tesla will be revealed on the company’s upcoming investor day.
Key Details
- Tesla CEO Elon Musk announced on Tuesday, February 7, that the company will lay out its vision for the future at an event in its Texas-based gigafactory, much as it did in previous Master Plan events in 2006 and 2016.
- “The path to a fully sustainable energy future for Earth will be presented on March 1. The future is bright!” tweeted Musk.
- The event is expected to reveal details about Tesla’s vision for scaling vehicle production upward, improving access to vital materials in the supply chain, sharing details about the next generation of cheaper-to-produce vehicles, and including SpaceX and Boring Company in its plans.
Why It’s Important
Tesla remains one of the most cutting-edge electric-vehicle (EV) developers in the world. Recent challenges though have taken the sheen off of a company that once held a monopoly of development in cleaner forms of transportation.
As we previously reported, Tesla saw a 69.1% year-to-year devaluation last year due to failing to meet expansion targets. The company has also faced other challenges, such as the ongoing struggle to provide a launch date for its highly anticipated Cybertruck and electric semi-trucks. The rapid embrace of EVs in the market has also created unexpected competition for Tesla, which now is competing against increasing EV growth and development from Ford, Dodge, Toyota, and Porsche.
Musk’s work as the new owner of Twitter has also taken up a significant portion of the billionaire’s time and attention over the past three months, drawing criticism from NASA and Tesla investors that he won’t hit vital deadlines. Musk is currently the CEO of Twitter, Tesla, SpaceX, Boring Company, and Neuralink and plays an essential role in developing their visions and directions.
ARK Invest CEO Cathie Wood has a more optimistic view of the company though, having purchased 806,663 Tesla shares in January and predicting that its innovation and position will increase its value at least five higher than it is, saying, “we are as bullish about Tesla as we have ever been.”
Notable Quote
“How do you get to enough scale to actually shift the entire energy infrastructure of earth?” asks Musk.