Tesla Investor Day in a nutshell

From the standpoints of big product announcements and specific details of Tesla’s master plan 3, it could be said that the four-hour Tesla Investor Day disappointed.

The central idea the event pushed was how the company would be a driver of a global shift to clean energy.

Needless to say, investors weren’t impressed as shares of Tesla fell 5.66% in after-hours trading.

Large sections of the event were dedicated to operational efficiencies and efforts to reduce costs at every level of the company.

Interestingly, a lot of things were left unsaid. Tesla CEO Elon Musk did not share new details on Tesla’s next-generation EV. Current issues with Tesla’s Full Self-Driving software were also left addressed.

But, of course, there could be no Tesla Investor Day without news and insights from the event.

At the event, Tesla reiterated the 20 million EVs a year by 2030 goal. Tesla produced 1,369,611 and delivered 1,313,851 vehicles in 2022. To reach its 20 million EVs goal, Tesla would need to increase its production about 15 times from 2022.

Tesla is looking to achieve its goal through vertical integration, scaling existing factories and building new ones, making the manufacturing process more efficient, and adding a few more models.

Speaking of Vertical integration, Tesla went in on that at the event. Tesla said it uses its software for in-house operations, including recruiting, and that it developed its purpose-built microprocessor for high-power electronics that will reduce costs by half.

Tesla said it extended its vertical integration efforts to the materials it uses in battery cells.
Tesla officially broke ground at a new lithium refinery in Corpus Christi, Texas, Drew Baglino, senior vice president of powertrain and energy engineering, confirmed during the event.

At the event, Musk reiterated the announcement of the Mexico factory without sharing any new details aside from a rendering. Musk went on to tease a grand opening event at the factory.

Tesla displayed two veiled vehicles during the presentation, hinting at how it will build its next generation of vehicles on a completely different platform design.

Also, as part of Tesla’s next-gen design, the company is developing a new drive unit that it says will be more scalable, in large part because it will eventually eliminate the use of rare earth materials.

Tesla said its next powertrain will also use 75% less silicone carbide without compromising the performance or efficiency of the vehicle. The new powertrain is also compatible with any battery chemistry, which will give Tesla more flexibility in battery sourcing, said Campbell.

Tesla’s new powertrain factory is 50% smaller than the current one in Austin, which Campbell said means faster scaling of EV production.

The third part of Tesla’s Master Plan Part 3 is to switch home, business, and industrial heating to heat pumps. Musk said Tesla might consider building heat pumps for the home to help solve this problem.

Tesla broke up its info dump with some announcements, and several hints, on the future of its EV charging and energy storage businesses.

Tesla formally introduced Magic Dock, an upgrade to Tesla’s charging stations that opens them up to vehicles that aren’t Teslas. Rolling out the tech will enable Tesla to tap into billions in federal subsidies.

Tesla also said it will add a $30 “unlimited overnight home charging” plan to Tesla Electric in July.

Also, the automaker said it would debut new energy storage products in 2023.

Tesla teased a little more information about its humanoid robot, the Optimus, with a video showing two robots slowly building another bot — a big step up from the prototype Tesla showed last October at AI Day.

Musk stated that Optimus will be worth significantly more than the car side of things. Optimus is trained using the same AI that trains Tesla’s Autopilot and FSD.

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