Elon Musk unveiled Tesla’s ‘Masterplan 3’, hinted at new cars and confirmed the company’s push into Mexico at Tesla’s first-ever Investor Day

• Elon Musk debuted his “master plan” at Tesla’s first-ever Investor Day presentation.

• The automaker teased two new car models, confirmed expansion into Mexico and detailed an overhauled manufacturing process.

• Musk said he believed Tesla could help transform Earth into a “sustainable energy economy”.

Elon Musk confirmed during a meeting with investors on Wednesday that Tesla’s next Gigafactory would be in Mexico.

The plant will be located “near Monterrey,” Musk said, reiterating that Tesla plans to expand production at all of its plants.

The news was confirmed during Tesla’s first-ever Investor Day at the company’s Austin Gigafactory, where Musk unveiled Tesla’s “third master plan.”

The billionaire previously revealed previous iterations of long-term plans for the company in 2006 and 2016. While previous plans focused on developing more vehicles, energy storage initiatives and autonomous driving, Master Plan 3 revolves around “sustainable energy for all.” Soil.”

“I really wanted today to be not just about Tesla investors who own shares, but everyone who is an investor in the Earth,” Musk said. “What we’re trying to convey is a message of hope and optimism and optimism that’s based on real physics and real calculations, not wishful thinking.”

Musk’s plans to transform the Earth into a renewable energy economy in a few decades revolve around a five-step plan, which includes re-powering the existing power grid with renewable energy, completing the switch to electric cars and electrify aircraft and boats.

In the past, Tesla steered clear of boats and planes, but the announcements could hint at the automaker’s plans for the future.

The billionaire joked that riding a non-autonomous gasoline car will one day be analogous to “riding a horse and using a flip phone.”

Here’s an overview of the five-step plan:

Story continues

1. Repower the existing electricity grid with renewable energy sources.

2. Switch to electric cars

3. Switch to heat pumps in homes, businesses and industry.

4. Electrify high temperature heat supply and hydrogen

5. Sustainably fuel aircraft and boats

During the presentation, Tesla also teased a next-generation car that would be smaller and less expensive than the Model 3, which currently sells for just $42,990.

In the past, Musk has said Tesla eventually plans to sell an electric car for around $25,000.

The company showed a slide showing two unreleased vehicles, but indicated that they do not plan to officially unveil the new car until a later date.

Tesla executives also reiterated that the company’s much-hyped Cybertruck would be out this year, though they didn’t give an exact release date. Musk first unveiled the truck in 2019 and has since delayed production timing three times, according to Reuters.

The automaker announced plans to ramp up production, announcing that it has produced the 4 millionth Tesla on Wednesday.

The company said it plans to meet ambitious production targets by changing the manufacturing process to allow more people and robots to work on the car at the same time. The shift would allow the company to reduce its factory footprint by more than 40% and streamline the process.

“If we’re going to scale the way we want, we need to rethink manufacturing,” Moravy said.

The stock plummeted more than 5% in after-hours trading after recovering in recent weeks.

Read the original article on Business Insider