Tesla’s highly anticipated and highly waited investors day took place last night at the company’s headquarter in Austin, Texas. Musk revealed his “Master Plan 3” which helped the company lay out its future plans for a green and clean earth with the masses.
Tom Zhu, the manufacturing leader for the company announced that Tesla had made their 4 millionth car on Wednesday. He also added, “It took us 12 years to build the first million, and about 18 months to the second million. The third million, 11 months. Then less than seven months to build the 4 millionth,” Zhu said, touting the company’s improving operational efficiency.
The goal of the company remains to produce 20 million cars per year by 2030 and help transform the reliance of Earth from fossil fuels to green energy.
The company successfully laid out their vision for the future and highlighted what they had managed to achieved in the past, but did not meet the expectations of investors when they did not announce any new product or service, the company did not highlight a single new product development.
On the other hand, Musk announced a new Tesla Gigafactory to be built in Mexico for the production of their “next-gen vehicles” While the company did their part on their hand, the stock did not follow up well, it fell by more than 8% pre market.
Bulls were expecting the stock to reach by $250 levels following the Investors day, but looks like it went the complete opposite. Tesla stock has rallied more than 90% this year, but this event could be a major hurdle for the company to recover their 2022 stock performance.