Tesla shares fell as much as 8% in early trading on Thursday as investors’ lukewarm reception of Elon Musk’s “Master Plan 3” presentation added a recent headache to the electrical vehicle maker.
Musk and other executives teased a less expensive “next-generation” electric vehicle at Wednesday’s “investor day” at the corporate’s Austin, Texas headquarters – however the announcement didn’t include details on the automobile’s performance specifications, vehicle models or a possible launch date.
The skepticism of investors towards the event contributed to this right down to $50 billion in Tesla’s market value on Thursday. Shares on this planet’s largest electric vehicle maker fell to $189.60, down $13.17 in midday trading.
“I’d love to essentially show you what I mean and unveil the following generation automobile, but you’ll need to trust me until a later date,” said Tesla design boss Franz von Holzhausen, in response to Bloomberg. “We’ll at all times deliver exciting, attractive and desirable vehicles, as we at all times have.”
![Elon Musk](https://nypost.com/wp-content/uploads/sites/2/2023/03/NYPICHPDPICT000007520863.jpg?w=1024)
Asked for more details on the next-generation vehicle, Musk said Tesla will finally hold a “proper product event” for the long-awaited launch.
Stocks fell even as Tesla repeated its plan to provide 20 million vehicles a 12 months by 2030.
Executives also confirmed plans to construct a recent production plan in Monterrey, Mexico, and broadly discussed the corporate’s other initiatives, including a world shift towards sustainable energy and advances in artificial intelligence technology.
Tesla’s event “was heavily discussed concerning the transition to wash energy and the corporate’s overall approach to vehicle design and development, but there was a scarcity of specifics or measurable metrics to trace progress,” JPMorgan analyst Ryan Brinkman said in a note to a client.
Tesla also addressed concerns about its operations in China and whether its key manufacturing facility in Shanghai might be affected by rising US-Beijing friction.
![Elon Musk](https://nypost.com/wp-content/uploads/sites/2/2023/03/NYPICHPDPICT000007520864.jpg?w=1024)
Earlier this week, Musk was reprimanded by the Global Times, the state media that serves as a spokesman for the Chinese Communist Party.
Tesla’s boss tweeted concerning the US Department of Energy’s findings that a leak from a lab in China was the almost definitely explanation for the origin of the COVID-19 pandemic.
The Global Times warned Musk that he risks “breaking the Chinese pot” – the equivalent of “biting the hand that feeds you” – if he continues to debate this theory, reported CNBC.
![Elon Musk](https://nypost.com/wp-content/uploads/sites/2/2023/03/NYPICHPDPICT000007520862.jpg?w=1024)
Tom Zhu, Tesla’s head of world manufacturing, downplayed the risks posed by the automaker’s potentially strained relationship with China.
“We have now created many roles in cooperation with the factory and our suppliers, and now we have contributed rather a lot to the area people,” Zhu said on Investor Day.
“As long as we’re needed within the country, I do not see much risk,” Zhu added.