Elon Musk reveals Tesla's 'Master Plan 3', emphasises on sustainable energy, fossil fuels

Elon Musk embarked on a mission to eradicate the use of fossil fuels by announcing a USD10 trillion "Master Plan 3" for his automotive company Tesla on Wednesday. Musk, along with his team, highlighted ways to achieve the goal, such as electric vehicles, renewable power, and using heat pumps and sustainable fuel as alternatives for planes. 

However, he ruled out the use of sustainable energy for rockets of his spacecraft company SpaceX as it is a "bit awkward", Musk said at the Texas Gigafactory. "I really wanted today to be not just about Tesla investors who own stock, but really anyone who is an investor in Earth," he added.

"Earth can and will move to a sustainable energy economy and will do so in your lifetime," Musk continued. 

During his speech, the billionaire talked at great lengths about sustainable energy. "There is a clear path to a sustainable-energy Earth. It doesn’t require destroying natural habitats. It doesn’t require us to be austere and stop using electricity and be in the cold or anything," he said. “In fact, you could support a civilisation much bigger than Earth, much more than the 8 billion humans could actually be supported sustainably on Earth," he added. 

While investors initially expected to witness the unveiling of brand-new electric vehicles, they were only able to see a "huge tease", i.e. a slide showcasing two upcoming vehicles. Furthermore, engineering and design executives of Tesla talked about how the company is aiming to build cars for less money compared to its rivals. 

Biden tips hat to Tesla for boosting EV market 

Following the presentations, shares for Tesla dropped to over 5%. Musk's efforts in the Electric Vehicle industry were recently lauded by US President Joe Biden, who revealed a plan to build a network of 5,00,000 charging stations, a goal that would require substantial help from Tesla. 
 
"In building our EV charging network, we have to ensure that as many chargers work for as many drivers as possible. To that end, @elonmusk will open a big part of @Tesla's network up to all drivers. That's a big deal, and it'll make a big difference (sic)", Biden tweeted earlier in February. In response to it, Musk said: "Thank you, Tesla is happy to support other EVs via our Supercharger network."