Tesla's Investor Day Disappoints with Lack of Specifics

"Tesla's Investor Day Disappoints with Lack of Specifics, Stock Drops Over 5% After-Hours"

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Tesla's 2023 Investor Day, held in Austin, Texas, was highly anticipated by investors and analysts who were looking for insights into the electric vehicle maker's future plans.

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CEO Elon Musk discussed Tesla's plan to scale up and play a role in re-powering the grid with renewable fuels.

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Tesla, the electric vehicle manufacturer, has set an ambitious target of producing 20 million electric vehicles annually by the year 2030.

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Tesla's executives discussed growing their market share in China by offering value at an affordable price.

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Tesla plans to build new car and battery cell factories and produce more cars per year at existing factories.

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Tesla agreed to build a large factory in Monterrey, Mexico, and use recycled water to cope with water scarcity.

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After hosting its Investor Day presentation in Austin, Texas, Tesla's stock faced a decline of over 5% after-hours.

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Mizuho Securities analysts maintained a buy rating on Tesla, but see cheaper competitor EVs as potentially dilutive to Tesla's market share.

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Currently, the lowest-priced Tesla available is the Model 3 sedan, which starts at around $43,000.

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"Musk's Master Plan Part Deux involves solar roofs with battery storage, expanding EV lineup, developing self-driving, and allowing cars to earn for owners.

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