SAN FRANCISCO — Elon Musk took the stage Wednesday to unveil his latest “Master Plan,” a road map for Tesla as the car company tries to recover from a challenging year.
Tesla, the electric-car company that is key to Musk’s fortune, shed more than half of its value after Musk began pursuing ownership of Twitter, the social media site he purchased in October for $44 billion. As Musk has devoted increasing attention to Twitter, he has faced investor pressure to demonstrate his commitment to the carmaker.
The investor event started nearly 30 minutes after it was scheduled to begin.
Beforehand, Musk tweeted “You’re not gonna believe this, but we’re running a little late!”
Musk kicked off the event by saying he believed there is a “clear path to a fully sustainable earth with abundance.” He emphasized electric vehicles in this plan.
“Riding a non-autonomous gasoline car is gonna be analogous to riding a horse and using a flip phone,” he said. The company would publish a white page with its plan soon, he said.
Meanwhile, the company has faced demand and supply chain concerns, an aging lineup of vehicles and broader concerns about production. Tesla has established itself as the market leader in electric vehicles, breaking production and delivery records and putting millions of EVs in the hands of consumers. But it has also faced challenges in recent years, and its latest plans come as mainstream automakers pivot to electric cars, creating more competition in the space.
Tesla has long promised a pickup truck, which it dubs the Cybertruck, but has yet to produce the model — which has an unorthodox, angular design — since unveiling it in 2019. Tesla has also promised a new version of its Roadster sports car but has not provided specifics on an eventual release. The company late last year delivered its first long-haul trucks, dubbed the Tesla Semi.
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Dan Ives, an analyst with Wedbush Securities, said in an analyst note that Tesla’s plan would provide a key look into the company’s “operations and ability to meet demand seen for its vehicles globally over the coming years.”
The firm was also expected to provide updates on a potential factory in Mexico, adding to its major production hubs in Fremont, Calif., Austin, the Berlin region and Shanghai.