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The manufacturer plans to increase battery generation for all vehicles and energy storage systems on a utility-wide basis.
Investors do not seem to be happy with the outcome of the 2023 Investor Day in Austin, Texas. CEO Elon Musk and other executives at the manufacturing company discussed Tesla’s position to influence a global shift from fossil fuels to renewable energy. While Musk shared the "Blueprint 3" and talked about plans to move forward in an increasingly competitive environment, the presentation was brief on the details of new products and services to come. Investor Day 2023 was slightly different than the others, where tesla inc (nasdaq: tsla) generally advertises a new product or additional service. The presentation emphasized the past achievements and no details about the future business, which resulted in the ev manufacturer diving 5.61% after trading hours.
Tesla Holds 2023 Investor Day
During the March 1st event, Tesla did not provide details about the plant that will be built in northern Mexico. The president of Mexico andres manuel lopez obrador has recently announced the endorsement of a new factory of tesla in the industrial center of monterrey. Chief Executive highlighted expansion on Investor Day 2023:
"We are pleased to report that the next Tesla plant will be located in Mexico, near Monterey. We want to point out that we will continue to increase production at all our existing plants, including in California, Nevada, here in Texas, in Shanghai. That is why it is our intention to increase production in every plant. Giga Mexico would therefore be a complement to all other plants' production.
At the same time, investors and consumers had no reference to the next generation of electric vehicles. Also, the tesla skipper did not address the complete autonomous driving software currently unavailable.
Despite that there are no specifics on prospective products and services, Musk
“There is a clear path to a sustainable-energy Earth. Natural habitats do not have to be destroyed. This does not force us to be austere, to stop consuming electricity and to be in the cold or whatever. In fact, you could sustain a civilization far larger than Earth, far more than the 8 million humans could actually sustain on Earth."
Musk joined Drew Baglino, Senior Vice President, Powertrain and Energy Engineering at Tesla, to share their vision for renewable fuels. The manufacturer plans to increase battery generation for all vehicles and energy storage systems on a utility-wide basis. 1,369,611 vehicles were produced in 2022 and 1,313,851 vehicles were delivered. Toyota also sold 10.5 million cars during the same period. In the future, tesla has the intention of making 20 million evs each year by 2030. Tesla is looking to expand existing plans and build new ones to meet its production and deliverable growth targets. The company also cited vertical integration and effective manufacturing processes as additional means of achieving its target. According to musk, ai society might expand its models over time.
At press time, tesla stock remains at one trading after opening hours of $191.40, after earning 0.35% in the last five days.
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