Tesla’s Investor Day was a hotly-anticipated affair. The entire electric vehicle market waited to hear what Tesla (NASDAQ:TSLA) had to say, and Elon Musk brought out plenty to show off. The market, meanwhile, didn’t take it well, as Tesla was down slightly in after-hours trading while Musk brought out the future of Tesla.
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First, Tesla led off by showing off a pre-production version of its Cybertruck. Though the Cybertruck has had its share of troubles since first coming out, the pre-production beta version looked sharp and caught attention. Most will likely remember the disastrous 2019 unveiling of the Cybertruck. Musk asked lead designer Franz von Holzhausen to attack the Cybertruck’s windows with a metal ball, only to have two windows smashed. The real winner for Tesla, however, was Musk’s presentation of the vaguely ominous “Master Plan Part Three.”
Backed up by Drew Baglino, Senior Vice President for powertrain and energy engineering, Musk detailed “a path toward sustainability” while also pointing out that 80% of the world’s energy comes from fossil fuels. Musk then details the $10 trillion investment required to reach a “sustainable economy” and how Tesla vehicles could make up a global fleet of electric vehicles that would graphically reduce the world’s need for fossil fuels. Despite the sheer size of the investment involved, Musk assured the audience that this was entirely “feasible.”
Overall, analyst consensus calls Tesla a Moderate Buy based on 22 Buys, six Holds, and three Sells assigned in the past three months. Tesla stock also comes with modest upside potential thanks to its average price target of $204.96.
