Tesla Investor Day 2023 highlights: Musk declines to disclose details of new model

Tesla Investor Day live update: Musk declined to reveal any details of the upcoming Tesla cars and said that there will be a different product event for that.

Tesla Investor Day live update: Ton Zhu, while responding to a query on how China and the US tensions could affect the company. said that Tesla China has ample demand, sometimes more than the company can produce. Zhu noted that he does not see much risk for Tesla overall and said, "we do our best to navigate US-China relations."

Tesla Investor Day live update: Musk said that Tesla could have ten models to reach the 20 million annual sales target by 2030. He added that the company's other plants will also help produce next-generation vehicles.

Tesla CEO Elon Musk stated that the company is building a new Gigafactory in Mexico. This new Gigafactory is expected to create up to 6,000 jobs and is considering producing batteries. Earlier this week, Mexico said Tesla had chosen the northern state of Nuevo Leon for a new factory worth more than $5 billion, which would be the biggest in a string of recent EV investments in Latin America's second-largest economy.

Tesla stock has fallen further in after-hours trading and is down about 6 percent.

Tesla Investor Day live update: Tesla revealed that its next-generation platform is expected to enable a 50 percent reduction in costs, suggesting that the total cost of ownership of the next-generation platform would also be lower than the company’s current offerings. It added that the next-generation platform will have robotaxi variants too.

Tesla Investor Day live update: Tesla's global production head Tom Zhu said that the company has hit the four million production milestone and is aiming to build a vehicle every 45 seconds. He further added that four factories are not enough and the company needs new factories. Tesla is planning to start commissioning of 60 GWh per year cathode facility by next quarter.

To achieve the growth needed for full sustainability, we build the machine that builds the machine—ultra-high-volume factories that become more efficient over time pic.twitter.com/YkAvaGVMDo

— Tesla (@Tesla) March 1, 2023

Tesla shares drifted down about 3 percent in after-hours trading as it presents the company's engineering and cost-saving steps, but didn't show a much-anticipated future-generation vehicle.

Tesla’s purpose is to accelerate the world’s transition to sustainable energy

Today, we’re unveiling Master Plan 3—the path to a fully renewable energy future for 🌎 pic.twitter.com/fsJ7qDpdqF

— Tesla (@Tesla) March 1, 2023

Tesla’s Investor Day live update: According to Tesla, its humanoid robot Optimus is more refined compared to its iteration during AI Day 2022. It further added that the robot is walking and working on another robot. Multiple Optimus prototypes are also in the works. Musk said that “he’s confident that Tesla can bring a working, useful humanoid robot to scale faster.”

Tesla’s Investor Day live update: US-based EV maker's next-generation platform will have 75 percent less silicon carbide. Any battery chemistry will be accepted as well. The vehicle will feature a 50 percent reduction in factory footprint.

Tesla’s Investor Day live update: Cybertruck, Optimus, and future vehicles will use 48-volt architecture. Cybertruck is also designed with a local controller for better wire pathways.

For Cybertruck, Tesla is designing 85 percent of the controllers in the car. In the next-gen platform, Tesla is designing 100 percent of the controllers.

Tesla’s Investor Day live update: The electric vehicle maker added that Cybertruck is coming this year. Tesla also said that it aims to cut next-generation vehicle assembly costs by up to 50 percent.

Tesla’s Investor Day live update: Musk said that the energy storage business has grown by 65 percent CAGR since 2016. He added that hydrogen will be useful for industrial processes, but it is not something that should be used for cars. The Tesla executives also highlighted that transitioning to a sustainable economy will actually involve less fossil fuels compared to what’s currently being spent today.

Tesla’s Investor Day live update: Musk also stated that Tesla could create a global electric vehicle fleet. The company shows an assumption for a fleet of about 85 million vehicles. He said, "All forms of transport will probably be electric. But not rockets, at least for now."

Tesla’s Investor Day event live update: CEO Musk shares a slide showing what’s needed to reach a sustainable economy. Musk also focused on the company's 'Master Plan 3' for a 'sustainable energy future.' His previous two master plans - most recently in 2016 - laid out expansion of new models and battery storage.