ELON MUSK SENDS TESLA SKIDDING INTO REVERSE

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.