SAN FRANCISCO: Tesla Chief Executive Elon Musk on Wednesday afternoon is expected to lay out a plan to make a smaller, more affordable electric vehicle in a move aimed at broadening his brand's appeal and fending off competition.
Musk could also describe plans to update the company's best-selling vehicles, after Reuters revealed its"Project Jupiter" plan to revamp its Model Y SUV. The Investor Day event will be webcast from Tesla's Texas factory and is scheduled to start at 4pm EST. Tesla has become the world's most valuable car company by far, and the billionaire CEO has aspirations of cracking the mass market and turning the EV maker into a company that can create a more climate-friendly world.
But Tesla cut prices in recent months to boost sales, which were pressured by a weak economy and growing threats from rivals in the United States and China.Tesla has promised to talk about expansion and capital expenditure plans, with a wide variety of projects from batteries to self-driving technology to new factories likely to be discussed.
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