SAN FRANCISCO — Elon Musk is set to take the stage Wednesday to unveil his latest “Master Plan,” a road map for Tesla as the car company tries to recover from a challenging year.
Tesla, the electric car company that is key to Musk’s fortune, shed more than half of its value after Musk began pursuing ownership of Twitter, the social media site he purchased in October for $44 billion. As Musk has devoted increasing attention to Twitter, he has faced investor pressure to demonstrate his commitment to the carmaker.
Meanwhile, the company has faced demand and supply chain concerns, an aging lineup of vehicles, and broader concerns about production. Tesla has established itself as the market leader in electric vehicles, breaking production and delivery records and putting millions of EVs in the hands of consumers. But it has also faced challenges in recent years, and its latest plans come as mainstream automakers pivot to electric cars, creating more competition in the space.
Tesla has long promised a pickup truck, which it dubs the Cybertruck, but has yet to produce the model — which has an unorthodox, angular design — since unveiling it in 2019. Tesla has also promised a new version of its Roadster sports car, but has not provided specifics on an eventual release. The company, late last year, delivered its first long-haul trucks, dubbed the Tesla Semi.
Dan Ives, an analyst with Wedbush Securities, said Tesla’s plan would provide a key look into “Tesla’s operations and ability to meet demand seen for its vehicles globally over the coming years,” in an analyst note.
The company was also expected to provide updates on a potential factory in Mexico, adding to its major production hubs in Fremont, Calif., Austin, Tx., the Berlin region and Shanghai.