Tesla Shares Slide After Elon Musk’s Lackluster Investor Day Event

Tesla shares slid by six percent at the end of the week following Elon Musk’s recent investor day presentation which was largely panned by investors despite positive sentiment from analysts.

CNBC reports that following the company’s investor day event last week, shares of Elon Musk’s Tesla fell late in the week. Tesla’s stock dropped more than 5.8 percent on Thursday, despite some analysts responding favorably to CEO Elon Musk’s presentation and the company’s overall outlook.

During the event, Musk and his executives reaffirmed a 2030 production goal of 20 million vehicles annually. The presentation was made up of a three-hour presentation and a subsequent round of questions and answers. The event gave investors a long-term perspective, but some analysts were disappointed because it was vague about any new goods or services. Investors found the company’s presentation lackluster, and were disappointed by the lack of major announcements.

“In a race to the bottom, we seriously question how the competition can keep up,” wrote Morgan Stanley auto analyst Adam Jonas in a note on Thursday. With a $220 price target, Jonas kept the stock’s overweight rating.

According to Goldman Sachs analyst Mark Delaney, “the event reinforced our positive view of the company’s long-term competitive positioning.” He also kept a buy rating and a $200 price target. Delaney stated that “the lack of clarity beyond the comment that they’re working as fast as they can and it could be in the next couple of years is likely to be viewed as a disappointment to some,” but offered no further details.

Musk updated his ambitious “Master Plan,” from 2016 with the third iteration of his “Master Plan, Part Deux.” The goals of that strategy, which included allowing Tesla owners to “make money” on their vehicles while they would have otherwise been sitting idle, have not been achieved.

In light of the increased competition in the electric vehicle market from firms like Rivian and Lucid Motors, investors and analysts had hoped for more specific information on new goods or services.

“The path to $10 trillion is still very much alive,” Musk said. “We just need to execute really well and stay focused on the mission.”

Among the announcements Musk did make at the investor day is news of a massive $10 billion car factory — bringing jobs to Mexico, not the United States.

Read more at CNBC here.

Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan