Musk failed to attract Investors for Telsa
2023.03.02 11:38
Musk failed to attract Investors for Telsa
By Ray Johnson
Budrigannews.com – (NASDAQ) Tesla After Chief Executive Elon Musk and his team’s four-hour presentation failed to impress investors looking for an announcement on an affordable electric car and a plan with a concrete timeline, Inc. shares fell about 7% on Thursday.
At the company’s investor day on Wednesday, Musk and more than a dozen executives talked about new plans to cut assembly costs by half, invest in a new plant in Mexico, and discuss the company’s innovative approach to operations management.
However, there were few details about the timeline or any new Tesla products at the event where Musk unveiled the “Master Plan 3” of the electric vehicle manufacturer.
According to Russ Mould, investment director at AJ Bell, “the markets were primed for a big announcement, perhaps on something like a new model that is more affordable.”
“So far in 2023, Tesla had been on a tear. The shares are sputtering after Musk raises his head above the parapet during an investor day presentation. “It may just have been a case of failing to live up to the hype,”
This year, the stock has increased by more than 60%, despite having lost approximately two-thirds of its value in 2022.
In 2023, shares of Tesla rebound.
Edmunds executive director of insights Jessica Caldwell stated, “Musk and company failed to put the cherry on top — an actual look at a lower-priced Tesla, if only just conceptually.”
In the past, Tesla events have sparked controversy online. In 2022, Musk’s dance moves at the company’s Berlin plant opening and in 2020, an event in China went viral on social media.
STMicroelectronics, a semiconductor manufacturer, and Wolfspeed Inc., a supplier of semiconductors, were also impacted by the company’s plan to use 75% less silicon carbide in automobiles without sacrificing performance or efficiency.
Brokerage Equita stated that the reduction plan was “bad news for the whole silicon carbide production chain, and in particular for STMicro.”
In the early hours of trading, the shares of Wolfspeed and STMicroelectronics, both of which are listed in the United States, both dropped 12%.
