(CTN News) – Next month, Tesla Inc. will unveil a third version of Elon Musk’s “master plan,” almost a full year after the chief executive announced that he was working on a revised version of the document.
The electric-car maker tweeted that it would be outlining “the path to a fully sustainable energy future for Earth” during its investor day on March 1.
According to Tesla, its expansion plans and the next-generation platform that will be used to build cheaper cars lie at the top of its agenda for this meeting.
Founder and CEO Elon Musk published Tesla’s first master plan in 2006, outlining ambitions to build a high-performance sports car and use the proceeds from that product to gradually develop more affordable electric vehicles, starting with a sports car.
In a decade’s time, he authored “part two,” in which he outlined ambitious plans to build solar roofs, expand into every major segment of the automobile industry, and later develop self-driving cars.
There are still many parts of the second master plan that need to be completed. Tesla’s solar roof rollout was a bust. It has just four vehicles that are in volume production and the cars aren’t autonomous yet.
Tesla’s claims about its self-driving capabilities and Musk’s involvement in shaping them are now being investigated by the US Justice Department and the Securities and Exchange Commission as part of an investigation into Tesla’s self-driving claims.
There is no doubt that Tesla shares have soared more than 1,200% since Musk released his second master plan, though Musk’s acquisition of Twitter Inc. and lower-than-expected vehicle deliveries have tempered the advance.
There was a 65% decline in the stock price in 2022, which was its first annual decline since 2016.
Tesla share prices have risen early this year on optimism that steep price cuts will lead to a revival of sales growth for the company.
In an interview last month, Musk said the company aims to produce 2 million cars this year. He said the company would minimize the impact of price reductions by trimming costs in order to make the company more competitive.
As part of the company’s efforts, the carmaker expects to make some progress in filling out its lineup with the Semi, which started delivering to customers in Dehe Cybertruck, which is scheduled to begin limited production later on in the year.
Did Elon Musk invent Tesla?
Tesla was incorporated in July 2003 by Martin Eberhard and Marc Tarpenning as Tesla Motors. The company’s name is a tribute to inventor and electrical engineer Nikola Tesla.
In February 2004, via a $6.5 million investment, Elon Musk became the largest shareholder of the company. He has served as CEO since 2008.