Shares of Tesla Motors fell more than 5% after an investor day that, although it lasted three hours, did not come with any specific announcements about new cars that Tesla will release in the coming years.

The company confirmed that it will build a factory in Mexico, in Monterrey.

Tom Zhu, director of manufacturing at Tesla Motors, said the company has produced more than 4 million cars and drew a comparison to show how things have changed. The first million was produced in 12 years, the second in 18 months, the third in 11 months, and the fourth in less than seven months.

The company produced 1.3 million vehicles last year and confirmed its goal of producing 20 million in 2030.

No firm plans for new models have been announced, and no information has been released about the so-called “$25,000” model. Sources cited by Reuters said that an updated version of the Model Y will be released in 2024.

Tesla Motors’ capitalization is $641 billion, shares fell 6% after Investor Day, but it should be noted that the capitalization has steadily increased since the end of December, when it was below $400 billion. In November 2021, Tesla’s market capitalization briefly exceeded $1.1 trillion.

Also disappointing for investors is that Elon Musk has devoted much of the past few months to Twitter, where much has changed, somewhat neglecting Tesla’s involvement.

Sources: CNBC, Washington Post

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