Elon Musk unveiled Tesla's 'Master Plan 3,' hinted at new cars, and confirmed the company's push into Mexico during Tesla's first-ever Investor Day
- Elon Musk debuted his "master plan" during Tesla's first-ever Investor Day presentation.
- The carmaker teased two new car models, confirmed expansion into Mexico, and detailed an overhauled manufacturing process.
Elon Musk confirmed that Tesla's next Gigafactory would be in Mexico during a meeting with investors on Wednesday.
The factory will be located "near Monterrey," according to Musk, who reiterated that Tesla plans to expand production at all of its factories.
The news was confirmed during Tesla's first-ever Investor Day at the company's Austin Gigafactory, where Musk unveiled Tesla's "third master plan."
The billionaire previously unveiled earlier iterations of long-term plans for the company in 2006 and 2016. While the previous plans focused on the development of more vehicles, energy storage initiatives, and autonomous driving, Master Plan 3 revolves around "sustainable energy for all of Earth."
"I really wanted today to be not just about Tesla investors who own stock, but really anyone who is an investor in Earth," Musk said. "What we're trying to convey is a message of hope and optimism and optimism that is based on actual physics and real calculations, not wishful thinking."
Musk's plans to turn Earth into a sustainable energy economy in a few decades center on a five-step plan, which includes repowering the existing power grid with renewable energy, completing the switch to electric cars, and electrifying planes and boats.
In the past, Tesla has stayed away from boats and planes, but the announcements could be a hint at the carmaker's future plans.
The billionaire joked that someday riding a non-autonomous gasoline car will be analogous to "riding a horse and using a flip phone."
Here's a breakdown of the five-step plan:
- Repower the existing grid with renewables.
- Switch to electric cars
- Switch to heat pumps in homes, businesses, and industry.
- Electrify high temp heat delivery and hydrogen
- Sustainably fuel planes and boats
During the presentation, Tesla also teased a next-generation car that would be smaller and cheaper than the Model 3, which currently sells for as low as $42,990.
In the past, Musk has said Tesla eventually plans to sell an electric car for about $25,000.
The company showed a slide with two unreleased vehicles but indicated they do not plan to officially unveil the new car until a later date.
Tesla's executives also reiterated that the company's much-hyped Cybertruck would come out this year, though they didn't provide an exact release date. Musk initially unveiled the truck in 2019 and has since pushed back the production timing 3 times, according to Reuters.
The carmaker revealed plans to ramp up production, announcing that it produced the 4 millionth Tesla on Wednesday.
The company said it plans to meet ambitious production targets by changing its manufacturing process so more people and robots can work on the car at once — the shift would allow the company to reduce its factory footprint by over 40% and streamline the process.
"If we're going to scale the way we want to do, we have to rethink the manufacturing," Moravy said.
The stock tumbled more than 5% in after-hours trading after rebounding in recent weeks.
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