Tesla Inc will be reducing assembly costs by 50% in the coming days of cars, engineers told investors on March 1, but the CEO Elon Musk did not reveal the most-anticipated small, budget-friendly electric vehicle.
Shares got down over 5% in after-hours trade after presentations at the firm’s investor day from its Texas headquarters.
The presentation of the webcast
In the starting three hours of the webcast, Tesla officials headed by Musk discussed everything from a white-paper plan for the world to grasp sustainable energy to the firm’s revolution in directing its functions from manufacturing to service.
The presentation presented a line-up of engineers, an indication of Tesla’s trial to represent the depth of its official bench beyond Musk.
Musk had anticipated presenting a plan to make a small, budget-friendly electric vehicle that would widen his brand’s wish and head off competition, but by late in the presentation officials had not completed new vehicle model plans or new financial aims for the year.
Musk said no to any comments on a slide that represented two hidden vehicles, however, an official said the next-gen platform was not a single car.
What did the COO of Tesla say?
The chief financial officer of Tesla, Zach Kirkhorn, calculated the firm needs to put money six times more than it has to date to strike its long-term aim of increasing output to 20 million vehicles every year.
It will be a 10-fold hype as compared to the current capacity. The bill can be $175 billion, he explained.
Musk started the question-and-answer section by publicizing a new Tesla factory that will be made in the northern state of Nuevo Leon. It will be the company’s first factory that will be not situated in the United States, Germany, and China.
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Tesla stock is low by about half from the surge of November 2021 but has bounced over 60% in 2022.
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