No new cars, unanswered questions, and FSD goals still looming in distance may be why stock is tanking
Yesterday’s four-hour Tesla PR marathon, rather than exciting investors as it was supposed to, ended up a snoozefest.
For an indicator of how poorly it went, just look at Tesla’s stock prices after the market closed. It started falling as Musk and company took to the stage and hasn’t really looked back – TSLA dropped nearly 8 percent in pre-market trading.
There’s a multitude of reasons why investors may not have been impressed with Tesla’s “Master Plan 3” or any of the other tidbits of news inserted between hyperbole. It also could have been Musk’s unusually low energy level that made it look like his Twitter troubles and all those other lawsuits were beginning to catch up with the 51-year-old, who ceded much of his time on stage to other Tesla leaders.
Regardless, the good in the Tesla Investor Day 2023 presentation didn’t hold a candle to the glow coming from all the stuff they didn’t mention, and the previous Master Plan that has become a thorn in the side of the electric automaker.
Tesla describes Master Plan 3 as its “path to a fully renewable energy future” for Earth – an ambitious goal, but one the company said was more feasible than it seems.
“There is a clear path to a sustainable energy Earth. It doesn’t require destroying natural habitats, or for us to be austere,” Musk said. “We could support a civilization much bigger than Earth’s sustainably on Earth, and I’m shocked by how few people realize this.”
The company’s slide deck, as shared on Twitter, claims that only a third of the dirty energy generated on Earth ends up being consumed in a useful manner. Tesla estimates that transitioning to green energy would require an additional 240 terawatt hours of energy storage, 30TW of new solar or wind generation, and an additional $10 trillion to break free of fossil fuels.
Contrary to what some may assume about the footprint of solar power, Tesla and Musk claimed that only 0.2 percent of the Earth’s surface would need to be dedicated to the facilities.
Tesla said its sustainable energy transition plan involves eliminating internal combustion vehicle fleets, using heat pumps in homes, implementing high-temp heat delivery and storage for industry, transitioning to electric planes and boats, and “powering everything with renewable generation and stationary storage.
