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Tesla Investor Day 2023
Live coverage of Tesla's investor day and Elon Musk's speech.
Last Updated:
March 2, 2023 at 4:13 PM EST
The Highlights: Mexican Plant Confirmed; Details of Next-Gen Car Coming
Elon Musk and other execs took the stage at the company's investor day in Austin, Texas, to deliver a couple of key messages as part of its so-called Master Plan.
First, management demonstrated Tesla is more than just Musk. Second, the company told investors that it has the ability to produce 20 million cars annually.
Tesla also said it will launch new businesses, including refining lithium and selling charging subscriptions.
The biggest news of the day was a new plant that will produce Tesla's next-gen vehicle.
Summary of Tesla's investor day:
Latest Updates
March 2, 2023 at 5:57 PM
These Other Stocks Are Falling After the Event
Shares of rare-earth producer MP Materials and chipmakers Wolfspeed and STMicroelectronics fell on Thursday.
March 2, 2023 at 4:35 PM
Tesla Stock Is Sagging Because Musk's Master Plan Lacked 1 Big Thing
Wall Street is weighing in on what it heard. Shares are down nearly 7%.
Updated March 2, 2023 at 1:00 AM
The biggest news of the night came during the Q&A.
CEO Elon Musk confirmed that Tesla plans to build a Gigafactory in Monterrey, Mexico. That will be the EV maker's fifth car assembly plant.
The new plant, combed with expansions at existing facilities, could raise manufacturing to about 3.5 million cars a year, Tesla said.
Management said the Mexican plant would produce its next-generation vehicle, a lower-priced car that was hinted at earlier in the event. The company said details for that vehicle would be unveiled at a later date.
A specific timeline for the plant to be up and running was not given.
Other plants took more than a year from announcement date to become operational. That would put the Mexican plant on a schedule to produce the next model by the end of 2024.