Tesla (TSLA) CEO Elon Musk announced his "Master Plan 3" Wednesday during the EV giant's investor day event. Musk's ambitious plan calls for a total switch to EVs and $10 trillion in spending to create a "sustainable energy future." 

The event, at Tesla's Austin, Texas, factory, began with a keynote presentation from Musk. The CEO outlined his plan for the future of energy and throughout the event, Tesla executives touted cost reduction plans. Tesla also confirmed it is building a Mexico manufacturing plant in Monterrey.

The EV company also announced a "Tesla Electric" program to customers in Texas this summer. Tesla will offer a retail electricity plan to people who own Tesla vehicles where customers can have unlimited overnight home charging for $30 per month.

The global EV giant also reiterated its long awaited Cybertruck is coming in 2023. However, Tesla did not unveil a next generation vehicle, saying that would come at a "later date."

CFO Zachary Kirkhorn said Wednesday that as they "look forward" to Tesla's next generation vehicle, the company's target is to reduce 50% of costs. This will lead to a more affordable vehicle, according to Kirkhorn. The CFO added Tesla is working on "Robo Taxi" variants of the next generation platform.

"This is a product that we expect to have substantially lower cost per mile than the highest selling products in the world," Kirkhorn said.

Tesla announced its next generation vehicle will be produced at the Mexico plant.

In the runup to Investor Day, analysts predicted Tesla would reveal a lower-cost EV platform. Tesla has repeatedly teased an EV that would sit around the $25,000 price point. Kirkhorn, during the Q4 earnings call, said the "next-generation vehicle platform" was a priority.
Tesla Investor Day And Master Plan Number 3

Elon Musk laid out a broad plan for a "sustainable future" Wednesday.

His "Master Plan 3" includes $10 trillion in capital expenditures to cover mining and refining raw materials along with developing storage and vehicle batteries. Musk's global plan calls for vast energy storage of 240,000 gigawatt hours and sustainable energy production taking place on 0.2% of the Earth's land area.

"As we improve the energy density of batteries, you'll see all transportation go fully electric, with the exception of rockets," Musk said Wednesday.

His plan is for the power grid to be completely renewable, a total switch to EVs and heat pumps in all homes and businesses. Musk also believes industrial high temperature operations must be electrified as well as shipping cargoes and airplanes.

Musk said his vision is attainable and that what he is conveying is a "message of hope and optimism."

Tesla's first Master Plan, revealed in August 2006, presented the company's goal to build a wide range of EVs. Ten years later, Musk revealed his second "Master Plan." That focused on self-driving capability and battery energy storage systems.