A total failure in substance and in form. Basically first. A disappointment that lived up to expectations since it was the third “master plan”, the master plan that would set the course for Tesla in the coming years.
We expected product announcements, new types of vehicles from Elon Musk. Nothing of all this. For three hours, it was a “gloubliboulga” of various and varied topics without any real specific structural announcement for the future of the company.
Elon Musk takes a very distant course, that of a planet that would completely dispense with fossil fuels thanks to the electrification of cars, but also of planes and ships.
20 million vehicles in 2030
No more details. There have been draft ads, for example to tell us about a new generation Tesla vehicle whose manufacturing cost would be 50% lower than the current one. During a question and answer session, Elon Musk did not want to give more details and assured that the company will organize a special presentation event when the time comes.
A figure anyway: 20 million cars a year produced in 2030, that is, 15 times more than today. This is Tesla’s very ambitious goal that will require the construction of a new gigafactory in Mexico.
Wedbush’s Dan Ives said investors are also likely “disappointed” that Tesla hasn’t “unveiled a vehicle for less than $30,000.” “But everything is falling into place for this purpose,” he said.
Beyond the lack of specific announcements and vision, what caught the eye was the performance of Elon Musk himself. Hesitant, tired-looking, he, who is usually a super sales rep who puts on a show and performs during his keynotes.
The timing is not ideal. At a time when many are wondering about his ability to lead Tesla, Space X and especially Twitter, which seems to have been mobilizing all his attention for months. Although Tesla is the source of income that finances the entire Musk empire.
Tesla, which is also increasingly facing challenges. Chinese groups like BYD are rapidly gaining momentum, while many traditional manufacturers like General Motors, Volkswagen or Stellantis are launching their electric versions.
Investors were calm about the filings, and shares fell more than 5% in electronic trading after the close of formal trading on Wall Street.
However, after a big drop in 2022, the automaker’s stock is up about 65% since the start of the year, buoyed by falling prices for its cars to attract customers and new rules on US government subsidies. This had allowed the Tesla boss to once again become the first fortune on the planet. Symbolic title that he lost again on Wednesday.
Source: BFM TV
