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Elon Musk’s Tesla ‘Grasp Plan’ disappoints traders



SAN FRANCISCO — Elon Musk unveiled items of his “Grasp Plan” for a extra sustainable planet and confirmed a video of a humanoid robotic at a Tesla occasion Wednesday — however didn’t announce a serious product replace for the corporate, disappointing traders.

The corporate introduced it’ll construct a brand new manufacturing unit in Mexico and hinted at a brand new car, though executives stated they weren’t but able to unveil it. Tesla leaders additionally revealed some modifications to its manufacturing processes, however the shows failed to interrupt a lot new floor.

The shortage of recent product updates prompted the corporate’s inventory to fall roughly 6 p.c in after-hours buying and selling. Commenters on the YouTube reside stream referred to as the roughly three-hour presentation a dud.

Many had been anticipating the corporate to unveil a brand new car or no less than to supply main product updates, like with its long-awaited Cybertruck. A lot of what was offered was already public.

Musk performed a key function within the presentation, serving to define his imaginative and prescient for a “totally sustainable earth” — a plan that appeared to have little to do with Tesla instantly, apart from emphasizing the significance of electrical automobiles.

“Using a non-autonomous gasoline automobile is gonna be analogous to driving a horse and utilizing a flip cellphone,” Musk stated. The corporate would publish a white web page with its plan quickly, he stated.

The hours-long, extremely technical presentation is probably going so as to add to criticism that Musk has been occupied with Twitter — whereas struggling to generate new pleasure at Tesla. Buyers have pushed for him to dedicate extra consideration to Tesla, the crown jewel of his portfolio and the corporate that made him the richest particular person on earth.

Tesla, the electric-car firm that’s key to Musk’s fortune, shed greater than half of its worth after Musk started pursuing possession of Twitter final yr, which he purchased in October for $44 billion. As Musk has devoted growing consideration to Twitter, he has confronted investor pressure to show his dedication to the carmaker.

In the meantime, the corporate has confronted demand and provide chain issues, an getting older lineup of automobiles and broader issues about manufacturing. Tesla has established itself because the market chief in electrical automobiles, breaking manufacturing and supply data and placing tens of millions of EVs within the arms of customers. Nevertheless it has additionally confronted challenges lately, and its newest plans come as mainstream automakers pivot to electrical automobiles, creating extra competitors within the area.

Tesla has lengthy promised a pickup truck, which it dubs the Cybertruck, however has but to provide the mannequin — which has an unorthodox, angular design — since unveiling it in 2019. Tesla has additionally promised a brand new model of its Roadster sports activities automobile however has not offered specifics on an eventual launch. The corporate late final yr delivered its first long-haul vehicles, dubbed the Tesla Semi.

Tesla issues recall of cars with ‘Full Self-Driving’ over crash risk

Tesla introduced final week that its “engineering headquarters” could be in Palo Alto — lower than two years after publicly shifting its essential California headquarters to Texas. Palo Alto, within the coronary heart of Silicon Valley, had already hosted Tesla’s key engineering workers for years.

Through the occasion Thursday, design govt Franz von Holzhausen didn’t give particulars on the brand new automobile, regardless of photos of a cloaked car.

“I’d love to actually present you what I imply and unveil the next-gen automobile,” he stated. “However, you’re gonna need to belief me on that till a later date.”

Musk additionally gave a brief speak on the humanoid robotic the corporate is creating. Like a scene from sci-fi present West World, Musk confirmed a video of two Optimus robots assembling a 3rd — showing to connect an arm.

The corporate debuted the robots last year, although there’s nonetheless no replace on when the corporate would possibly promote the expertise.

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