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On March 1, local time, Tesla held an investor day event in Austin, Texas. Tesla CEO Elon Musk showed Tesla's third chapter (Master Plan Part 3) live to the global audience, but surprisingly, the previously hot low-priced new models did not appear at the conference.

At the event, Musk and Tesla executives spent a lot of time describing how Tesla improved operational efficiency and reduced costs, but there was almost no mention of the concerned "third-generation car platforms, new technologies, new models". Or affected by this, as Tesla's investor day drew to a close, Tesla's share price plummeted and fell more than 6% in after-hours trading.

At the close of trading on March 2, US Eastern time, Tesla fell 8.3% at the beginning of the day, the biggest intraday decline since January 3, closing at US $190.9, down 5.85%, with a market capitalization of US $604 billion, of which the market capitalization lost $27.557 billion (about 260 billion yuan) overnight. It should be noted that on February 27th Musk overtook Bernard Arnault, head of French luxury giant LVMH, with a net worth of $187.1 billion, to win the title of richest man in the world (with a net worth of $185.3 billion). However, less than 48 hours after Tesla's share price plummeted, Musk fell to second place, with his net worth falling to $176 billion.

According to media reports, Tesla's share price has soared in the past two months because many investors expected Tesla to announce plans for a new affordable electric car, and many investors piled into Tesla shares before the event began. At this investor day, Tesla did not mention any details of the next-generation new car, which was lower than expected, so the market value lost $27.557 billion (about 260 billion yuan) overnight, but some analysts believe that it is normal for Tesla's share price to plummet.

A few days ago, a number of media reports speculated that Tesla might take advantage of the above event to unveil the next generation of models, but the car was not mentioned in this event. Tesla chief engineer Las Moravi said on the investor day: "the new car will not be announced until later." However, Tesla revealed some information about the new model platform at the event. Tesla said that the next generation model platform will reduce the use of silicon carbide by 75 per cent, and the next generation of permanent magnet motors will not use rare earth materials at all and will not lose energy efficiency. the total manufacturing cost will be reduced by $1000. At the same time, Tesla says its goal is that the next generation of cars can be assembled by more people at the same time, reducing assembly costs by 50 per cent.

People related to Tesla said that by 2022, the cost of Model 3 has been reduced by 30%, while the wiring harness of vehicles from Model S to Model 3 has been reduced by 17 kg, and the cost of the next generation of electric vehicles will be further reduced compared with Model 3max Y. In the question and answer session of the event, Zhu Xiaotong, vice president of Tesla, said that Tesla's market share in China is still growing, and the price reduction measures at the beginning of the year have boosted market demand. As long as prices are kept within affordability, there is no need to worry about China's market share. Tesla has been working hard to cut costs on the supply side, production efficiency and other links. It also stressed that more than 95% of the supply chain of Tesla Shanghai Super Factory comes from local sources.

Tesla currently employs 65000 people worldwide, and Zhu Xiaotong said Tesla's goal in the future is to "produce a new car every 45 seconds on average". Data show that Tesla's annual production in 2022 was 1.369 million, and sales were 1.3139 million, an increase of 40% over the same period last year, but failed to meet the previous target of 1.5 million. Among the subdivided models, the Model 3 and Model Y models delivered a total of 1.247 million vehicles for the whole year. In the Chinese market, Tesla delivered a total of 439700 new cars for the whole year, an increase of 37.1% over the same period last year.

At the event, Tesla executives reiterated that Tesla will produce 20 million electric cars a year by 2030, and Musk said Tesla may only need 10 models to achieve this sales target. For comparison, traditional carmakers such as Volkswagen and Toyota currently produce about 10 million vehicles a year.

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