Elon Musk’s latest master plan for Tesla fell flat as the electric car maker shared scant details about next-generation models that will underpin its next phase of growth.
The roughly four-hour presentation was long on calculations of what the sustainable energy transition will require, along with boasts about manufacturing and engineering efficiencies. But Mr Musk and the executives who joined him on stage wrapped Tesla’s investor day without giving a glimpse of cheaper EVs that may still be years away.
“I’d love to really show you what I mean and unveil the next-gen car, but you’re going to have to trust me on that until a later date,” Franz von Holzhausen, Tesla’s design chief, said at the company’s headquarters in Austin, Texas.
“We’ll always be delivering exciting, compelling and desirable vehicles, as we always have.”
Tesla shares fell as much as 8.6 per cent as of 8.40am Thursday in New York, before the start of regular trading. Anticipation of the event contributed to a surge in the stock that added more than $300 billion of market value in two months.
Mr Musk confirmed Tesla will build a new plant in Monterrey, Mexico, in what he said was probably the most significant announcement of the day.
The chief executive said Tesla would make its next-gen vehicle there, and that the company will hold a grand opening and groundbreaking at an unspecified date.
When asked when the car maker will show a prototype and if he could share details about the size, content and performance of the vehicle, Mr Musk responded that Tesla also will hold a “proper sort of product event” at some point, but did not say when.
“We’re gonna go as fast as we can,” said Lars Moravy, Tesla’s vice president of vehicle engineering. “We expect that to be a huge-volume product.”
Takeaways from investor day
Tesla recently broke ground on a lithium-refining plant in Corpus Christi, Texas. Mr Musk reiterated that artificial intelligence stresses him out and called for the creation of a regulatory authority that would ensure the “quite dangerous technology” is operating in the public interest.
The company recently built its four millionth vehicle. After taking 12 years to make its first million, the company manufactured each incremental million units in 18 months, 11 months and seven months. The car maker’s next drive unit will use a permanent magnet motor and no rare earths, according to Colin Campbell, vice president of power-train engineering. The comments sent miner shares tumbling.
Mr Musk opened the event by laying out what Tesla believes will be required to displace fossil fuels, from powering the grid with wind and solar to utilising heat pumps, which he said Tesla might make for homes at some point. Tesla also is planning to offer unlimited overnight home charging in Texas for $30 a month.
“Earth will move to a sustainable energy economy,” Mr Musk said. “And it will happen in your lifetime.”
Investors heard from Tom Zhu, who is on the ascent after overseeing Tesla’s factory in Shanghai become its most productive in the world. Rebecca Tinucci, the head of global charging infrastructure, presented on the “Magic Dock” feature enabling drivers of other EVs to use Tesla’s stations.
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst
