Failure of Tesla’s Master plan 3 event affected the company’s market value
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Failure of Tesla’s Master plan 3 event affected the company’s market value

Tesla’s shares fell by as much as 8% in early trading on Thursday due to the lackluster reception of the investors to Elon Musk’s “Master Plan 3” presentation, adding a fresh headache to the electric vehicle manufacturer. During the “investor day” event, Musk and other executives teased a cheaper “next-gen” electric vehicle, but the announcement was short on details regarding the car’s performance specs, vehicle models, or a potential release date.
The market’s skepticism about the event contributed to a $50 billion plunge in Tesla’s market value on Thursday. The world’s top EV maker shares fell to $189.60, down $13.17, in midday trading.

Musk and Tesla’s executives confirmed the plan to annually manufacture 20 million vehicles by 2030 and to build a new production plant in Monterrey, Mexico. They also talked about the company’s initiatives to shift towards sustainable energy and advance in artificial intelligence technology.

Tesla’s event “was heavy on discussion relative to clean energy transition and on the company’s approach to designing and developing vehicles generally, but short on specifics or measurable metrics to track its progress,” according to JPMorgan analyst Ryan Brinkman.

Tesla also addressed concerns about its business in China and whether its Shanghai production plant could be affected by rising tension between the US and Beijing. Tom Zhu, Tesla’s head of global production, downplayed the potential risks of the carmaker’s potentially fraught relations with China, stating that they have created a lot of jobs with the factory and their suppliers, contributing significantly to the local community. Zhu added that as long as they are needed in the country, he does not see much risk.


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