Elon Musk hints at two future Tesla vehicles at Investor Day event

Tesla CEO Elon Musk kicked off his company’s Investor Day on Wednesday by talking about a plan to take fossil fuels out of the economy.

Musk is expected to lay out a plan to build a more compact and affordable electric vehicle that will boost his brand’s appeal and fend off competition, and he presented a slide showing two camouflaged future models.

But he focused at the beginning of the presentation from Tesla’s Austin, Texas headquarters on introducing the company. “Master Plan 3” for a “sustainable energy future”.

His previous two master plans – most recently in 2016 – involved expanding new models and battery packs.

“There is a clear path to a fully sustainable land with abundance,” Musk said. “An electrified economy will require less production than the current economy.”

The leaders said they will discuss five areas: renewable energy, electric vehicles, the transition to heat pumps, high-temperature heat/hydrogen delivery, and sustainable fuels for aircraft and boats.

Capturing the mass market is critical to achieving Tesla’s goal of increasing shipments by 15 times to 20 million vehicles by 2030. To do this, Tesla will have to improve its battery technology, which Musk called the “fundamental limiting factor” to the transition. towards sustainable energy, making it a likely topic for Wednesday’s speech.

Musk can also talk about plans to update the company’s best-selling vehicles after Reuters revealed its “Project Jupiter” plan to update its Model Y SUV.

Tesla is by far the most valuable car company in the world, and the billionaire CEO dreams of going mainstream and turning the electric car maker into a company that can create a more climate-friendly world.

In recent years, Tesla has outperformed the industry by rapidly ramping up deliveries despite the pandemic and supply chain disruptions.

But Tesla has slashed prices in recent months to boost sales, which have been pressured by a weak economy and growing threats from competitors in the US and China.

The automaker has only four models, and they are all priced in a higher segment of the market.

Tesla has promised to talk about expansion plans and capital expenditures, with a wide range of projects likely to be discussed, from batteries to autonomous driving technologies and new factories.

On Tuesday, Mexican officials announced that Tesla would build a factory in the northern state of Nuevo León. This will be the company’s first factory outside the US, Germany and China, and Musk is expected to provide more details on Wednesday.

Plans to create a more affordable car may cause the widest interest. In 2020, Musk unveiled a plan to develop batteries in-house, which he says will make self-driving electric vehicles priced at $25,000 by 2023, but Tesla is struggling to ramp up production of so-called 4680 batteries.

Some investors, including those worried that Musk is spending too much time on his latest major acquisition, Twitter, are also hoping the CEO will respond to calls to buy back the stock, which is at about half of its November 2021 peak even after recovering more than 60% this year.