Tesla (TSLA) stock continued its precipitous decline Thursday as investors react to a lackluster Investors Day, which presented a promising long-term vision but was sparse on immediate product details.
Shares were down 7% when markets opened Thursday morning, and despite Tesla CEO Elon Musk‘s ambitious keynote presentation at the company’s Texas factory Wednesday, investors seem unconvinced by his promises of a “sustainable energy future.”
Musk announced his latest “Master Plan 3” with calls for a complete switch to EVs and $10 trillion in spending to create a sustainable future. The capital expenditures would cover mining and the refinement of raw materials along with developing storage and vehicle batteries, according to Musk.
Musk’s overall global plan calls for immense energy storage of at least 240,000 gigawatt-hours, and sustainable energy production taking place on 0.2% of the Earth’s land area.
“As we improve the energy density of batteries, you’ll see all transportation go fully electric, with the exception of rockets,” Musk said Wednesday.
Musk, along with other company executives, repeated their 2030 production target of 20 million vehicles annually at the event and reiterated the release of their long-awaited Cybertruck, which is coming in 2023.
Notably, Tesla did not unveil a next-generation vehicle, saying that would come at a “later date.”
The company did confirm the construction of a Mexico manufacturing plant in Monterrey, where it said its next-generation vehicle would be produced. However, the lack of specifics regarding short-term product features and the assurances that the company was working as “hard as it could” did little to dissuade concerns.
Tesla shares, which are up over 80% year-to-date, were down 6.95% as of 11:15 a.m. ET Thursday.
