Shares of Tesla Inc fell around 7% after Chief Executive Elon Musk and his team failed to impress investors with a 'Master Plan' presentation at an investor day event in Texas on Wednesday.
In the presentation, Musk and some of his officials presented a new plan on reducing assembly costs, investing in a new factory in Mexico and discussing the company's innovations in managing its operations.
Even so, when Musk presented the much-anticipated 'Master Plan 3' to investors, it was only brief details on the timeline for the presented concept and some of Tesla's new products.
Some investors expressed dismay at the plan, which they hoped would herald something more exciting like an affordable EV.
Some even consider the plan more of a message of hope for widespread electrification than a roadmap for Tesla.
Tesla shares, which have lost about two-thirds of their value in 2022, have risen more than 60% this year.
However, the share price recorded a decrease of 1.43% on the Wednesday before the event and 5% after the day.
Also, the company's plan to use 75% less silicon carbide vehicles without affecting the car's performance or efficiency, also affected shares of semiconductor maker and supplier STMicroelectronics (down 2%) and Wolfspeed Inc (down 7%).
