Tesla shares fell 6% ahead of the market open on Thursday after a four-hour presentation by CEO Elon Musk and his team failed to impress investors hoping for an affordable electric car and a timetable plan.
Musk and more than a dozen other executives have unveiled new plans to cut assembly costs in half, invest in new factory in Mexico and discuss the company’s innovations in managing its operations at Investor Day on Wednesday.
However, the event in which Musk revealed “Master plan 3from the electric vehicle maker, there were no details about Tesla’s schedule or new products.
“Markets were ready for a big announcement, perhaps something like a new, more affordable model,” said Russ Mold, director attachments AJ Bell.
“Tesla has been on a roll so far in 2023. Musk then sticks his head out from behind the parapet at the Investor Day presentation, and stocks are falling (…) Perhaps this is just a case where expectations were not met.”
Stocks that lost about two-thirds of their value in 2022 are up more than 60% this year.
“Schedule and cost were limited and there was no party-style surprise at the event. Teslasaid Colin Langan, an analyst at Wells Fargo.
Tesla events have generated online buzz in the past, with Musk dancing at the opening of the company’s Berlin plant in 2022, and an event in China in 2020 going viral on social media.
The company plans to use 75% less silicon carbide in vehicles without compromising the performance or efficiency of the vehicle also affected the actions of the driver. manufacturer and semiconductor supplier STMicroelectronics.
The cut plan was “bad news for the entire silicon carbide supply chain and STMicro in particular,” brokerage Equita said in a statement. Tesla accounted for 70% of STMicro’s semiconductor sales in 2022, he estimates.
Source: Aristegui Noticias
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
