Elon Musk’s latest master plan for Tesla Inc. fell flat as the electric-car maker shared scant details about next-generation models that will underpin its next phase of growth.
Tesla shares fell 7.7 per cent — the biggest drop since Jan. 3 — to US$187.08 as of 9:41 a.m. Thursday in New York. Anticipation of the event contributed to a surge in the stock that added more than US$300 billion of market value in two months.Musk, 51, confirmed Tesla will build a new plant in Monterrey, Mexico, in what he said was probably the most significant announcement of the day.
Musk reiterated that artificial intelligence stresses him out and called for the creation of a regulatory authority that would ensure the “quite dangerous technology” is operating in the public interest. Musk opened the event by laying out what Tesla believes will be required to displace fossil fuels, from powering the grid with wind and solar to utilizing heat pumps, which he said Tesla might make for homes at some point. Tesla also is planning to offer unlimited overnight home charging in Texas for US$30 a month.Tesla showcased the bench of executives behind its CEO in response to criticism of Musk’s US$44 billion acquisition of Twitter and pressure to share more about succession planning.
The Tesla ship has sailed