Tesla is set to announce details about its next-generation platform, which could underpin a new entry-level model and a robotaxi.
It will also discuss capital allocation and its long-term expansion plans at the Investor Day event, which will take place on March 1, 2023 and be live-streamed from Gigafactory Texas.
The company hasn’t released any further information on its planned announcements, other than referring to the new platform as being “generation 3”, but it has previously spoken of two vehicles it’s working on beyond the upcoming Roadster and Cybertruck.
“[An entry-level vehicle is] the primary focus of our new vehicle development team, obviously,” said CEO Elon Musk in a conference call following the release of Tesla’s Q3 2022 financial results.
“At this point, we are done with the engineering for Cybertrucks and for Semi. So, it’s obviously what we’re working on, the next-generation vehicle, which will be probably be about half the cost of the 3 and Y platform. It will be smaller, to be clear.”
Musk said in a Q1 2022 earnings call it would announce a Robotaxi in 2023 and begin mass production in 2024, releasing a mysterious teaser image of the vehicle in December.
“[The Robotaxi will be] highly optimized for autonomy, meaning it would not have a steering wheel or pedals. And there are a number of other innovations around it that I think are quite exciting,” said Musk on the call.
“That is fundamentally optimised for trying to achieve the lowest fully considered cost per mile or cost per kilometre, accounting everything.”
Musk had promised as far back as July 2019 that it was “possible” for Tesla to have a million robotaxis on the road by mid-2020, something that didn’t come to pass.
It also has yet to receive regulatory approval for its autonomous driving technology, and its Autopilot and Full Self-Driving Beta systems have been dogged with controversy and, reportedly, a criminal probe from the US Department of Justice.
The generation 3 vehicles could boast Tesla’s new 4680 batteries, first announced in 2020, which are said to be both more energy-dense and affordable to produce.
The company confirmed late last month it had reached a weekly production output of 868,000 cells, which it says is enough to power 1000 vehicles.
While Tesla has annual shareholder meetings, this is the first event it’s labelling an Investor Day.
It could be a response to 2022 being its worst year on the stock market, plunging 65 per cent after reaching lofty heights over the past three years – though Tesla can still boast a higher market capitalisation than the likes of automotive giants like Toyota, Volkswagen, General Motors, Ford and Stellantis.