Weekly Summary: Tesla Investor Day, PMI Data and Retail Earnings

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Weekly stock market analysis – Macroeconomic updates, Tesla Investor Day summary, PMI data retail earnings update, and more.

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โฌ‡๏ธ Timestamps:
0:00 โ†’ Macroeconomic Updates
1:42 โ†’ Tesla Investor Day Summary
5:58 โ†’ Purchasing Managers Index (PMI)
7:46 โ†’ Earnings: Target (TGT)
9:21 โ†’ Earnings: Lowe’s (LOW)
10:18 โ†’ Earnings: Costco (COST)
11:33 โ†’ Upcoming Important Dates

Tesla held its first-ever Investor Day event on March 1st. Elon Musk revealed the third part of his โ€œMaster Plan,โ€ which outlined ways that Tesla would reduce its manufacturing costs and grow to โ€œextreme size. Teslaโ€™s goal is to produce 20 million electric vehicles per year by 2030, executives reiterated. The company reported full-year deliveries of around 1.31 mil vehicles in 2022.

Tesla is building a new Gigafactory in Mexico. This new Gigafactory is expected to create up to 6,000 jobs and is considering producing batteries. Mexico said Tesla had chosen the northern state of Nuevo Leon for a new factory worth more than $5 billion, which would be the biggest in a string of recent EV investments in Latin America’s second-largest economy. They also revealed that its next-generation platform is expected to enable a 50% reduction in costs, suggesting that the total cost of ownership of the next-generation platform would also be lower than the companyโ€™s current offerings. The next-generation platform will have robotaxi variants too.

With its next-generation vehicles, Tesla plans to control 100% of the supply chain and the design of the controllers going into its cars. They also announced that, with the Cybertruck and future vehicles, it plans to switch from 12V to 48V, which will reduce AMP usage by a factor of four.

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