Elon Musk to unveil Tesla's 'Master Plan 3' at first investor day

2/2 © Reuters. FILE PHOTO: Tesla CEO Elon Musk and his security detail depart the company’s local office in Washington, U.S. January 27, 2023. REUTERS/Jonathan Ernst 2/2

(Reuters) -Tesla Inc Chief Executive Elon Musk will reveal the third part of the electric vehicle (EV) maker's "Master Plan" when the company holds its first investor day on March 1.

In 2006 and 2016, the billionaire laid out his vision for the electric carmaker, but much of the plans have yet to be achieved.

"Master Plan 3, the path to a fully sustainable energy future for Earth will be presented on March 1," Musk tweeted on Wednesday.

At Tesla (NASDAQ:TSLA)'s annual shareholder meeting in August, Musk said the third part of his Master Plan was "going to fundamentally be about scaling" both car production and the supply chain that supports it such as battery materials and components.

At the upcoming investor day to be held at its gigafactory in Texas, Tesla said it will share details about its next-generation vehicle platforms, which Musk has said would produce a vehicle about half the cost of Tesla's current vehicle underpinings. Tesla also said it will discuss long-term expansion plans, capital allocation and other subjects.

Last year, Tesla shares posted their worst annual performance as Musk sold Tesla shares to fund his purchase of Twitter and other shareholders lost confidence in his focus on the carmaker, whose sales growth was not as much as some investors had hoped.

In 2006, Musk unveiled "a secret mast plan," which includes an affordable electric car, but Tesla's cheapest model is $43,490 in the United States.

In 2016, Musk unveiled his "Master Plan, Part Deux," a four-point plan which includes expanding its electric vehicle lineup to all major segments and achieving "true self-driving." Its Semi heavy duty electric trucks has started "pilot production" last year, while its Cybertruck pickup trucks have been pushed back to 2023.

As part of that 2016 plan, Musk said Tesla drivers would be able to sleep, read or do anything else enroute to their destination and make money by renting out their autonomous vehicles when they are not in use. But Musk said in October last year its cars are not ready to have no one behind the wheel, after missing his targets to achieve self-driving capability.