Tesla Stock Down After 2023 Investor Day

Written by Reananda Hidayat Permono Completed Master of Science - MS, Petroleum Geology from Curtin University, Perth, Australia.

On Wednesday, Elon Musk shared his “Master Plan 3” presentation during Tesla 2023 Investor Day at the company’s factory in Austin, Texas.

The electric vehicle maker initiated this event to discuss how Tesla plans to survive in the face of increasing competition.

The presentation explained Tesla’s vision and a review of prior achievements.

However, it didn’t mention any Tesla new products or services.

At the beginning of his presentation, Elon Musk said there is a clear path to creating sustainable energy for Earth.

Drew Baglino, the senior vice president of Tesla, joined on stage, and they discussed Tesla’s plan to “re-powering the grid with renewable fuels.”

The company aims to manufacture 20 million electric vehicles per year by 2030. Meanwhile, Tesla reported full-year deliveries of 1.31 million vehicles in 2022.

Tom Zhu, who has run the China business for Tesla for years, responded to one question following the three-hour presentation.

He said Tesla doesn’t need to worry about demand as long as they create products with value at affordable prices.

Zhu announced that the company had produced 4 million cars as of Wednesday.

He also explained Tesla’s plans to construct new car and battery cell factories. Tesla shares are up over 60% for the year so far.

Interestingly, the stock declined 1.43% on Wednesday before the Investor Day event and 5% after hours.