Shares of Tesla (TSLA) are down 7% after the electric vehicle maker held its first Investor Day, an event that underwhelmed both analysts and investors.
Tesla hosted its 2023 Investor Day at its corporate headquarters in Austin, Texas. Chief Executive Officer (CEO) Elon Musk shared his “Master Plan 3” that focused on scaling production and fending off rising competition in the electric vehicle space.
While the presentation was long on vision, it mostly rehashed past achievements and was short on specifics about any new Tesla products or services. Investors reacted negatively to the event and the stock is slumping as a result.
Much of the Investor Day focused on renewable fuels and Tesla’s plans to ramp-up its battery production, both for its vehicles and for the company’s utility-scale energy storage systems.
Musk said the goal is to produce 20 million electric vehicles per year by 2030. The company reported full-year deliveries of 1.31 million vehicles in 2022.
Musk added that Tesla plans to build new car and battery cell factories around the world, and to also produce more cars per year at its existing factories in the U.S., China, and Germany.
Ahead of the Investor Day event, Mexico President Andres Manuel Lopez Obrador said that Tesla has agreed to build a large factory in Monterrey, Mexico. Musk confirmed the Mexico factory and said production there would supplement manufacturing at other Tesla sites.
Tesla’s stock has risen 89% so far in 2023 to trade at $202.77 U.S. per share. However, Tesla’s share price remains 30% lower than where it was 12 months ago.
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