Daily Mail



TESLA shares fell 5.9pc yesterday after chief executive Elon Musk’s four-hour presentati­on failed to impress investors waiting for an affordable electric vehicle.

Musk and more than a dozen Tesla executives laid out fresh plans to cut assembly costs by half and invest in a plant in Mexico.

But the event where Musk revealed the EV maker’s ‘Master Plan 3’, was short on details of new products.

‘The markets were primed for a big announceme­nt, perhaps on something like a more affordable new model,’ said Russ Mould, investment director at AJ Bell.

‘It may just have been a case of failing to live up to the hype.’

The stock, which lost two-thirds of its value in 2022, is up more than 60pc so far this year. ‘The timeline and cost details were limited, and the event lacked a Tesla-like surprise,’ Wells Fargo analyst Colin Langan said.

Tesla’s events have created a stir in the past, with Musk’s dance moves at the opening of the Berlin plant in 2022 and an event in China in 2020 going viral on social media.

 ?? ??

Newspapers in English

Newspapers from United Kingdom