On March 1st, Tesla Inc’s CEO Elon Musk will unveil the third installment of the company’s “Master Plan” during its first investor day. The billionaire first presented his vision for the electric vehicle maker in 2006 and again in 2016, but much of those plans remain unfulfilled.
On Wednesday, Musk took to Twitter to announce that “Master Plan 3, the path to a fully sustainable energy future for Earth will be presented on March 1,”
Master Plan 3, the path to a fully sustainable energy future for Earth will be presented on March 1.
The future is bright! pic.twitter.com/11ug0LRlbD
— Elon Musk (@elonmusk) February 8, 2023
During Tesla’s annual shareholder meeting in August, Elon Musk revealed that the third part of his Master Plan would focus on scaling up both car production and the related supply chain, including the sourcing of battery materials and components.
In an investor day to be held at its Texas gigafactory, Tesla plans to reveal information about its next-generation vehicle platforms, which according to Musk, will result in a vehicle with a cost about half of Tesla’s current offerings. Additionally, the company will delve into its long-term growth strategy, capital allocation, and other relevant topics.
The previous year was a difficult one for Tesla, with its shares experiencing the worst annual performance on record. This was due to a combination of factors, including CEO Elon Musk’s decision to sell some of his own Tesla shares to finance his purchase of Twitter, and a loss of confidence among other shareholders regarding his commitment to the automaker. Despite some investors’ expectations for higher sales growth, the company’s sales did not meet these projections.
In 2006, Musk set out a bold vision for the future with the unveiling of his “secret master plan.” This plan included a promise to produce an affordable electric car, but at present, Tesla’s most affordable model currently retails in the United States for $43,490.
In 2016, Musk updated this vision with the release of “Master Plan, Part Deux.” This four-point plan aimed to expand the electric vehicle lineup to include all major segments, and to achieve full self-driving capabilities. Last year, Tesla began pilot production of its Semi electric heavy-duty truck, although the launch of its much-anticipated Cybertruck pickup has been delayed until 2023.
As part of the 2016 plan, Musk stated that Tesla drivers would be able to engage in activities such as sleeping, reading, or anything else during their trips and earn money by renting out their autonomous vehicles when not in use. However, in October of the previous year, Musk admitted that Tesla’s cars were not yet ready for fully autonomous operation, as the company failed to meet its targets for achieving self-driving capability.
