Musk: Tesla ‘Master Plan’ built around sustainable energy world
Elon Musk said the next phase of Tesla’s growth will be built around a global sustainable energy future, one that can serve a much larger world population and be achieved without great economic sacrifice.
“Earth will move to a sustainable energy economy,” Tesla’s chief executive officer said Wednesday as part of an investor day presentation where he outlined his third “Master Plan” for the company. “And it will happen in your lifetime.”
One product Tesla could expand to is heat pumps. Musk and Drew Baglino, his senior vice president of powertrain and energy engineering, said heat pumps could dramatically cut home and office heating costs, calling them one of the low hanging fruit of the transition to sustainable energy. The event was streamed live from its factory in Austin.
The new corporate vision aims to build upon the U.S. electric vehicle market leader’s growth from a niche player into a mainstream automotive manufacturer. Tesla’s two previous strategic plans were unveiled in 2006 and 2016.
Scores of investors flocked to Austin for the invitation-only event, where Tesla planned to showcase its “most advanced production line.” Management is scheduled to discuss topics including long-term growth, nextgeneration vehicle architecture and capital spending plans, the company said.
Investors are eager to learn more details about Tesla’s product strategy, including the Gen 3 vehicle platform. Musk said in January the company remains on track to start building its long-awaited Cybertruck in Austin later this year, but cautioned that production volume will be limited until 2024.
Musk published his first Master Plan more than a decade ago, laying out Tesla’s go-to-market strategy of building an electric sports car, then a series of more affordable cars. The company has executed on that vision with the Roadster, the Model S and then the Model 3 sedan — its cheapest vehicle which starts at around $43,000.
Ten years later, Musk released Master Plan, Part Deux, as Tesla was acquiring Solarcity. Musk served as chairman of the solar-panel installer, which was led by his cousins. That plan talked about solar roofs with battery storage, an expanded vehicle lineup and self-driving technology.