Tesla has been a ground-breaking force in the automobile sector for the last ten years. Elon Musk, the company’s CEO, fell short of expectations at the company’s recent maiden investor day event because his “Master Plan 3” lacked enough information to give investors reason to be confident in their choices. Musk described his plan to build a sustainable energy system that would cost $10 trillion and cut the price of making cars by half. There was no next-generation vehicle show, despite promising developments like creating a “robot army” with limbs and legs to someday replace human labor and the much-awaited Cybertruck, which is due to begin delivering by the end of the year. Instead, Musk made a vague announcement that a more affordable automobile would be made at a new plant in Mexico.

Due to this and despite Musk’s lofty objectives, investors were unimpressed, and Tesla stock declined more than 5% in after-hours trade. If investors aren’t given enough information and assurances, it is obvious that they don’t have enough faith in the company’s long-term intentions or capacity to carry them out.

Tesla needs to give investors a more thorough roadmap that explains in great detail how it intends to accomplish its objectives in order to win back its faith. For instance, providing details about brand-new factories or facilities under construction in Mexico would inspire trust among investors by showing concrete proof of the company’s advancement toward its goals. Also, giving more precise deadlines for when particular objectives should be accomplished helps support investor confidence.

Ultimately, Tesla has shown that it is capable of upending the traditional auto industry with its cutting-edge technology and products; however, if it wants to foster greater investor trust moving ahead, it must now concentrate on delivering outcomes through enhanced openness.