Shulou(Shulou.com)11/24 Report--

Tesla's investor day event on Wednesday didn't announce anything new to look forward to. Executives talk a lot about the efficiency gains of Tesla's next-generation manufacturing platform, but they don't say what cars they plan to build on it.

Tesla's first investor day confirmed an old adage in Wall Street investing circles: buy when rumors are heard, sell when the hammer is hammered.

An investor day late Wednesday fell short of feverish expectations. Tesla didn't announce new metrics or timelines, as other companies usually do. Of course, this is not surprising, Tesla is not a medium-term goal-oriented company, nor is it a conventional enterprise. Disappointingly, Tesla didn't offer much else to fill the gaps in the campaign.

Most importantly, Tesla didn't launch on investor day. Most of the focus in the industry has been that Tesla may release "Model 2" at the event. As a new model after the Model 3 electric car, the electric car, which costs about $25,000 (currently about 173,000 yuan), is necessary to maintain Tesla's rapid growth. Tesla's main discussion at the event was how the company would improve production efficiency through the next generation of production platforms, but did not disclose what products might be produced, no product prototypes and illustrative images, and no timeline.

There were no other meaningful announcements throughout the Investor Day event. CEO Elon Musk's promised "master plan" is just a high-level articulation of the company's long-term mission to "accelerate the world's transition to sustainable energy." Tesla confirmed reports that it will build a superfactory in Mexico, but there is no real news. Tesla shares opened down about 7% on Thursday local time. Tesla shares fell 5.85 percent to close at $190.90 a share.

Perhaps the most important aspect of the event was that Tesla introduced more members of its management team to investors. Sixteen Tesla executives took part in the Q & A session with Musk. The fact that he wants to emphasize backup power suggests that Musk is thinking more seriously about Tesla's successor while busy running Twitter. This could be a double-edged sword: that might be good for the company, given Musk's penchant for creating controversy Tesla doesn't need; but it could be bad for Tesla's stock price, given Musk's cult among many individual investors.

Net purchases of Tesla stock by retail investors have broken the charts this year, which may be one reason Tesla shares rose 52% in 2023. Data provider VandaTrack points out that news such as Tesla's stock split in 2020 and Tesla's partnership with car rental company Hertz in 2021 led to heavy retail buying of Tesla shares, driving the stock price to jump, followed by a sell-off. VandaTrack expects a similar situation to occur now.

A wave of retail buying and selling is also a reason for other investors to avoid Tesla shares. Meme stocks are often hot to trade because of hot online events, and valuations are volatile.

On Wednesday, Musk and his team also presented convincing arguments that Tesla still has a competitive edge in engineering and manufacturing technology. The company's consistent style and precarious financial position have led to its relentless focus on improving efficiency, which is well suited to further drive down the cost of electric vehicles. An innovation that Tesla touted Wednesday to reduce the use of expensive silicon carbide chips in next-generation cars by 75 percent sparked a strong reaction in the semiconductor industry on Thursday, with Wolfspeed shares in the silicon carbide space opening down 12 percent.

But demand for Tesla's electric cars may not always automatically keep pace with rapid supply growth, as Musk believes. Tesla's limited product lineup is aging, and competitors are building their own brands and manufacturing capabilities. And car consumers have always loved diversity.

When the Model 2 finally hits the market, there is too much to live up to expectations.

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