Tesla stock falls as investor day falls short on specifics

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Tesla stock falls as investor day falls short on specifics
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Tesla’s goal is to produce 20 million electric vehicles per year by 2030, executives reiterated. The company reported full-year deliveries of around 1.31 million vehicles in 2022.

During a question-and-answer session following the three-hour presentation, executives fielded a question about how Tesla could grow its market share in China.Elon Musk passed the question to Tom Zhu, who is heading up global production and has run the China and APAC businesses for Tesla for years. “As long as you offer a product with value at affordable price you don’t have to worry about demand,” Zhu said. “We try everything to cut costs,” he added, “and pass down that value to our customers.

He said Tesla plans to construct new car and battery cell factories, and also to produce more cars per year at its existing factories. Tesla design leader Franz von Holzhausen and the company’s vice president of vehicle engineering, Lars Moravy, took the stage to show off a number of planned manufacturing changes meant to improve the efficiency of Tesla vehicle production. But von Holzhausen said that Tesla would not yet reveal its “next gen” vehicle.

Ahead of the 2023 investor day, at a news conference on Tuesday, Mexico’s president, Andres Manuel Lopez Obrador, said. He said the company agreed to use recycled water and take other initiatives to cope with water scarcity in the region.

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