Tesla executives have provided early information on how new production techniques and technological advancements will significantly increase the efficiency of both their plants and their vehicles.
CEO Elon Musk and other Tesla managers provided updates on a wide range of developments for the EV company in a comprehensive strategy presentation titled Masterplan 3, which is available to watch below. These developments included improvements in electric motor technology and new car construction methods that speed up production.
Before Tesla shareholders, supporters, and car owners at the Texas Gigafactory, Musk was supposed to principally lay out a long-proposed new EV design that is projected to support a "cheap" entry-level car sitting below the highly successful Tesla Model 3.
Musk discussed the need for a significant increase in battery production and storage capacity, of which he believes Tesla will eventually require 240TWh. He remarked, "This is a lot of batteries, but a very doable number," adding that the ratio of batteries in and out of electric automobiles was about 1:8.
He believes that "when we enhance the energy density of batteries, you will see all transportation go entirely electric." This belief is supported by his battery aspirations. He expressed disapproval of alternative fuel types' potential to revolutionize the transportation sector, declaring that hydrogen "will not be effectively utilised in transport."
The long-delayed Cybertruck and Roadster EVs, as well as upcoming production facilities, were also anticipated to be discussed during the presentation, but this time Tesla appeared less interested in presenting upcoming goods than in previous years.
Many years after its announcement, the Cybertruck, Roadster, Robotaxi, and Semi are still not in volume production (or any manufacturing at all).
The lack of new announcements was not well received by investors, and Tesla's valuation dropped 5% the next day.
World media had also speculated that Musk may reveal fresh information about Tesla's long-promised "affordable" EV, which would be more compact and affordable than the wildly successful Model 3 and offer the US company a competitor to the VW ID 3. Social media was rife with sketches of that vehicle, along with rumors that it may cost around £20,000 and have a 250-mile range.