$50 billon lost in just minutes as Tesla's stock tumbles over 8%

Investor Day disappoints as firm says it would cut EV production costs by 50%, and remains silent on the much-awaited affordable car

Tesla will cut assembly costs by half in future generations of cars, engineers told investors on Wednesday, but Chief Executive Elon Musk did not unveil when it will debut a much-awaited affordable electric vehicle.
 

Tesla’s much-awaited investor day failed to live up to the hype, and the shares of the electric vehicle maker are paying the price. 

Share price of the Elon Musk-led company tumbled as much as 8.3 per cent to $186.01 in New York on Thursday, the biggest intraday plunge since January 3. 

More than a dozen Tesla executives led by Musk discussed everything from a white-paper plan for the globe to embrace sustainable energy to the company’s innovation in managing its operations from manufacturing to service.

The presentation featured an array of senior engineers, including the new global production chief, Tom Zhu, a nod to Tesla’s attempt to show the depth of its executive bench beyond Musk, the face of the company.

But there were no details about when next generation cars would be launched and what models would be offered.

Musk had been expected to lay out a plan to make a more-affordable electric vehicle (EV) that would broaden his brand’s appeal and fend off competition. Executives said Tesla’s next generation platform would include more than one vehicle built in standardized factories, but Musk brushed off questions about models in mind. Tesla’s chief financial officer, Zach Kirkhorn, and others underscored their dedication to cutting production costs.