Elon Musk Tweets During Tesla Investor Day

The electric vehicle maker announced its new Gigafactory would be located near Monterrey, Mexico at its investor day on March 1.

Tesla  (TSLA) - Get Free Report CEO Elon Musk posted three tweets while executives of the electric vehicle manufacturer spoke at its annual investor day.

The billionaire wrote one tweet about Tesla's new vehicle manufacturing platform that was unveiled at its investor day on March 1.

DONT MISS: Tesla Unveils New Vehicle Manufacturing Platform to Cut Costs by 50%

Tesla Looks to Cut Costs by 50%

The electric vehicle maker said the platform would enable Tesla to cut costs by 50%, but details were not provided.

In response, Musk tweeted, "Detailed whitepaper with calculations & assumptions to be released by Tesla shortly."

Tesla's annual investor day in Austin, Texas, lasted over two and a half hours and was livestreamed on Twitter and YouTube. 

Musk also retweeted a tweet from Tesla's account, stating, "We produced our 4 millionth vehicle at Giga Texas today."

Tesla shareholders have expressed their desire for Musk to focus his efforts on running the EV manufacturer instead of spending his time on Twitter, the social media platform that he acquired for $44 billion last October. 

Musk had promised to find a CEO to lead Twitter, but a replacement has not been named. 

A New Gigafactory Set to Start Construction

The electric vehicle maker announced its new Gigafactory would be located near Monterrey, Mexico making it the fifth factory. 

Tesla announced a new vehicle manufacturing platform, or New Generation Vehicle, that is more efficient and, according to them, enables costs to be reduced. Tesla's next-gen vehicle allows a 40% reduction in manufacturing footprint in the factory and a 50% reduction in cost, the company said.

Tesla stock fell more than 5.5.% in after-hours trading following the close of trading.

Investors had hoped that Tesla and Musk will announce a Model 2, a cheaper car selling for $25,000 base price that would see the group meet its goal of producing 20 million vehicles a year by 2030. Tesla has produced 1.37 million cars last year.

A $25,000 vehicle would allow Tesla to reach 80% of consumers who currently find its prices too high and also help in emerging markets.

Musk, who regained his title as the world's richest man again last month, said it is possible to have battery-powered boats and planes.

The techno king also seems to think that electric boats and planes are the new frontier, a suggestion he made during a presentation to investors.

"A necessary part of the pie is sustainably fueling planes and boats," Drew Baglino, SVP, Powertrain and Energy Engineering at Tesla, said on the stage. "Shipping accounts for 3% of global CO2. It's right for electrification, even with lithium ion, phosphate. Long haul ships can be fully battery powered, so that's a great opportunity to electrify."