March 21, 2023

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Still “The Master Plan, Part 3”

Elon Musk, CEO of Tesla, poses for a photo in Austin, Texas, on April 7, 2022. The electric vehicle company has also made forays into battery storage.

Susan Cordero | AFP | Getty Images

Electric car maker Tesla is scheduled to host an Investor Day presentation at 3:00 local time in Austin, Texas, on Wednesday. CEO Elon Musk promised to share his “Master Plan 3” and discuss how Tesla plans to expand in the face of increasing competition.

Musk wrote in tweet On February 7, 2023, “Master Plan 3, The Path to an All-Earth Sustainable Energy Future will be presented on March 1. The future is bright!”

his ambitious master plan Part Deux Published in 2016, it has not been fully implemented. It included four main goals:

  • “Create stunning solar roofs with seamlessly integrated battery storage”
  • “Expanding the electric vehicle production line to address all major sectors”
  • “Develop an autonomous driving capability 10 times safer than manual through massive fleet learning”
  • “Enabling your car to make money for you when you’re not using it”

on twitter, Tesla reported Contributors whose presentation will be available live Youtubewhere the company traditionally broadcasts its events, but also on Twitter itself.

Musk acquired the San Francisco-based social media company for roughly $44 billion in October 2022, and sold $23 billion worth of his Tesla stock in part to fund the deal. It may reveal more details about how the two plans will work together moving forward.

As previously reported by CNBC, Musk has authorized countless Tesla, SpaceX, and Boring Co managers and engineers to work with him on Twitter.

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Ahead of Investor Day 2023, at a press conference on Tuesday, Mexico’s President Andres Manuel López Obrador said that Tesla has agreed to build a large factory in Monterrey, Mexico. He said Tesla has agreed to use recycled water and take other initiatives to address water scarcity in the region.

The company is expected to reveal more about this and its other facilities, including its Shanghai plant and newer plants in Austin, Texas, and just outside Berlin.

Investors are wondering if and when Tesla will finally introduce a new, affordable electric car, and when the company will finally make good on its longstanding promise in driverless technology.

In 2020, at a Tesla Battery Day event, Musk raised the possibility of both, saying, “about three years from now, we’re confident we can make a very compelling $25,000 electric car that’s also fully autonomous.”

Musk has been promising a truly self-driving car since 2016. It wasn’t until then that the company completed a driverless cross-country demonstration that Musk said would be possible by the end of 2017.

In February, federal vehicle safety regulators in the US and Tesla announced a voluntary recall of 362,758 vehicles. in a safety call noticeTesla and the National Highway Traffic Safety Administration have warned that the driver-assistance software, which has been marketed as a full self-driving Beta, could cause Tesla cars to disobey traffic laws and could cause accidents. (The company plans to offer a fix via an over-the-air software update.)

Despite the company’s delays in self-driving technology, Tesla shares have rebounded from lows through 2022, and are up more than 60% for the year so far.

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According to Ortex, a short interest tracker, “After generating $4.5 billion in gains for short sellers in January, TSLA’s 19% rally in February helped stack losses for TSLA bears. ORTEX estimates that TSLA deals incurred $3 billion in losses in February,” Biggest short loss for the month by a reasonable margin (#2 was NVDA with a $1.5 billion loss on short positions).”

Mizuho Securities analysts maintained a Buy rating on Tesla shares ahead of Investor Day, as they see Tesla in a leadership position in a growing all-electric vehicle market. They wrote, in a note earlier this week, “In the near term, we see continued strength in TSLA’s market share, but we see cheaper competing EVs coming to market as potentially diluting TSLA’s share of the US electric vehicle market.”

The cheapest Tesla currently available, they write, is the Model 3 sedan, which starts at around $43,000. And Mizhuo noted that seven other automakers’ models are currently priced lower than that.

Cannacord Genuity analysts conducted a survey asking what Tesla watchers expect will be discussed during Wednesday’s Investor Day presentation. Most are expected to hear about the “next-generation vehicle platform,” as well as details of Tesla’s mining plans, and an update on Tesla’s long-term vehicle volume projections through 2030.

This story is evolving, please check back for updates.

— CNBC’s Michael Blum contributed to this report.