The first hour of Tesla's Investor Day on March 1 was spent unveiling the outline of Elon Musk's "Master Plan" for the electric vehicle maker.
This third part of the mission devoted to the car manufacturer aims to plot a path to a a renewable energy future.
DON'T MISS: EV Stocks Stumble as Nio, Rivian Earnings Disappoint. What's Next?
"We're trying to convey a message of hope and optimism and optimism that is based on on actual physics and real calculations," Musk said in a livestream event. "Not it's not wishful thinking. Earth can and will move to a sustainable energy economy and will do so in your lifetime."
The event, which started more than twenty minutes late, saw Tesla (TSLA) executives take to the podium to explain how Tesla fits into a "sustainable energy economy."
They have thus announced a new vehicle manufacturing platform, or New Generation Vehicle, that is more efficient and, according to them, enables costs to be reduced. Tesla's next-gen vehicle allows a 40% reduction in manufacturing footprint in the factory and a 50% reduction in cost, the company said.
On the other hand, they did not announce the new vehicle, which would be the first to be developed on this platform, during the first hour of the event.
Tesla stock fell more than 3% in electronic trading following the close of trading.
Investors are hoping Tesla and Musk will announce a Model 2, a cheaper car selling for $25,000 base price that would see the group meet its goal of producing 20 million vehicles a year by 2030. Tesla has produced 1.37 million cars last year.
A $25,000 vehicle would allow Tesla to reach 80% of consumers who currently find its prices exorbitant and also emerging markets.
Musk promised details about the "Master Plan" will be released later by Tesla.
"Detailed whitepaper with calculations & assumptions to be released by Tesla shortly," the billionaire tweeted.
