Elon Musk to unveil Tesla's 'Master Plan 3' at first investor day

Tesla Chief Executive Elon Musk will reveal the third part of the electric vehicle (EV) maker's "Master Plan" when the company holds its first investor day on Mar 1.

Musk's Master Plans lay out a path for Tesla to hit specific targets that he sets for the world's most valuable automaker.

"Master Plan 3, the path to a fully sustainable energy future for Earth will be presented on Mar 1," Musk tweeted on Wednesday.

Early 2022 saw the EV maker start production at two new factories in Austin, Texas, and Berlin, Germany, to ramp up production, but it ran into logistical and demand snags towards the tail end of the year.

He had said at Tesla's annual shareholder meeting in August that the third part of his Master Plan was "going to fundamentally be about scaling" - with regards to both car production and the supply chain that supports it.

At the upcoming investor day to be held at its gigafactory in Texas, Tesla is set to discuss expansion plans, capital allocation and its third-generation platform for cars, which is expected to lower production costs.

In the second part of his Master Plan, Musk said he wanted to expand the EV product line to address all major segments and develop self-driving capability that is 10 times safer than human driving.

The plan also said Tesla would create solar roofs tied to battery storage and enable cars to earn owners money when not in use.