Engineers from Tesla informed investors on Wednesday that future car generations will have assembly costs cut in half, but CEO Elon Musk did not reveal when the company will introduce a highly anticipated inexpensive electric vehicle.
The shares of the electric vehicle manufacturer are suffering as a result of Tesla's eagerly anticipated investor day falling short of expectations.
The Elon Musk-led company's stock price fell as high as 8.3% to $186.01 on Thursday in New York, the worst intraday drop since January 3.
More than a dozen Tesla officials, led by Musk, highlighted everything from the company's creativity in managing its operations from manufacturing to service to a white-paper strategy for the world to adopt renewable energy.
A variety of top engineers, including Tom Zhu, the new global production leader, gave presentations as part of Tesla's effort to demonstrate the breadth of its executive bench beyond Musk, the company's public face.
Nevertheless, there were no specifics regarding the launch date and model lineup for the next generation of automobiles.
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