Tesla shares tumble as Musk fails to deliver

Tesla shares have slid more than five per cent as Elon Musk fails to wow investors about his company’s future

Tesla boss Elon Musk fronted shareholders today, outlining the company’s ambitions into 2023 and beyond.

The EV maker has bold plans to cut assembly costs by half for future generations of cars, but did not set a date on when exactly an affordable electric vehicle will be on the market.

Shares fell more than five per cent in after hours trade following the investor day, held at Tesla’s Texas headquarters.

Led by Musk, more than a dozen company executives discussed everything from a plan for the globe to embrace sustainable energy to innovation.

In an attempt to show the depth of the executive bench beyond Musk, the presentation also featured an array of senior engineers, including the new global production chief.

The company was expected to lay out a plan to make a more-affordable electric vehicles to help broaden the brand’s appeal and fend off competition.

But his never happened. #trending #featured