Tesla lost market value in early Wall Street trading on Wednesday. Investors are very cautious and eagerly await the Master Plan 3 that CEO Elon Musk will announce in a briefing session with investors later today.
Master Plan 2 dates back to 2016, and the vision of the future with self-driving robot taxis and car sharing that Musk outlined at the time has largely failed to materialize.
Tesla shares fell 1.1 percent shortly after the opening bell. There is now a lot of speculation about the content of Musk’s plans. Experts think a new modular platform will likely be announced to allow Tesla to produce cheaper cars. Teslas could therefore drop in price and become more attractive to a broader audience.
Overall sentiment on Wall Street was slightly negative, despite a stronger-than-expected increase in activity in China’s manufacturing sector. The Dow Jones index was 0.1 percent lower at 32,613 points. The broad S&P 500 fell 0.3 percent to 3959 points, and the tech exchange Nasdaq lost 0.3 percent to 11,426 points.
Investors include the results of retailers Lowe’s and Kohl’s, which lost 2.2 percent and 0.8 percent, respectively. Cinema chain AMC Entertainment (minus 4.3 percent) and solar energy company First Solar (plus 7.9 percent) also looked at the books.
Tesla rival Rivian also fell almost 11 percent. The manufacturer of electric vehicles suffered fewer losses than feared last quarter, but turnover was disappointing.
Computer maker HP (minus 1 percent) also published a mixed quarterly report. The company is struggling with weak PC sales and recorded less turnover than experts expected. However, earnings were slightly higher than analysts had expected.
General Motors also won 1.2 percent. According to the business channel CNBC, the car manufacturer is cutting about 500 jobs to cut costs.
