- Elon Musk disclosed his "Master Plan 3" for Tesla (TSLA) at the EV giant's investor day event which was held at Tesla's factory in Austin, Texas. Musk's proposal, which aims to create a "sustainable energy future," asks for a complete switch to electric vehicles and $10 trillion in spending.
- Musk's grand plan includes a 240,000 gigawatt-hour energy storage facility and 0.2% of the planet's land area being used for renewable energy production. His plan also calls for an entirely renewable power infrastructure, a complete changeover to electric vehicles, and heat pumps in every home and company. Together with delivering freight and flying, Musk thinks that industrial high-temperature activities must be electrified. Musk also acknowledged that it is constructing a manufacturing facility in Monterrey, Mexico.
Why it matters
The company's intention to produce a variety of EVs was outlined in Tesla's initial "Master Plan," which was unveiled in August 2006. The second "Master Plan" by Musk was unveiled ten years later. It concentrated on autonomous driving and battery energy storage devices.