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Electric vehicle maker Tesla (TSLA - Free Report) recently hosted a 2023 investor day presentation in Austin, Texas, on Wednesday. CEO Elon Musk shared his “Master Plan 3.” However, the plan lacked details and investors consequently punished the stock. TSLA stock lost about 6% on March 2, but it is nonetheless up 55.7% this year.

“We will have a proper sort of product event, but it would be jumping the gun if we answer your questions [now],” Musk said in response to a question about the generation 3 car during a Q&A session, as quoted on Yahoo Finance.

Investors awaited Tesla’s proper 2023 plan of action, which will help the company “remain competitive in an increasingly crowded and price-sensitive EV market,” said AXS Investments CEO Greg Bassuk in a note to clients, as quoted on Yahoo Finance.

Why Should You Buy the Dip via Tesla-Heavy ETFs?

Musk and the Tesla team talked about AI, charging infrastructure, and supply-chain improvements from Gigafactory Austin. The event also announced that two upcoming models would be added to the Tesla product portfolio, and its next gigafactory would be situated in Monterey, Mexico.

Tesla maintained its target to produce 20 million electric vehicles per year by 2030. The company reported full-year deliveries of around 1.31 million vehicles in 2022.

Tesla recently cut prices to boost demand. Musk added that “even small changes in the price have a big effect on demand,” as quoted on CNBC. The company is able to offer products at lower prices by cutting costs.

Tesla disclosed that its generation 3 platform would likely cost half as much as its other vehicle platforms from a production point of view, deploy around 40% less factory space to manufacture, and would use electric motors that wouldn't require pricey rare-earth metals.

Several analysts are bullish on Tesla, and the stock has a Zacks Rank #3 (Hold). Against this backdrop, investors can buy the dip in the stock through Tesla-heavy ETFs. This will help them steer clear of company-specific concentration risks. The method will be specifically beneficial to those disappointed by Tesla being short on details during the presentation.

Let's briefly look at some ETFs that may be worth investing in to buy the dip.

ETFs in Focus: Meet Kevin Pricing Power ETF (PP) – 28% Weight in Tesla

The MeetKevin Pricing Power ETF categorizes an “innovative company” as a company to be involved in the development of new products or services, technological advancements, consumer engagement, and disruptive approaches with respect to business growth that the Sub-Adviser expects to have a significant impact on the market or industry in which the company operates.

Consumer Discretionary Select Sector SPDR Fund (XLY - Free Report) – 15.66% Weight

The underlying Consumer Discretionary Select Sector Index seeks to provide an effective representation of the consumer discretionary sector of the S&P 500 Index. This fund charges 10 bps in fees.

ARK Autonomous Technology & Robotics ETF (ARKQ - Free Report) – 14.80% Weight

The ARK Autonomous Technology & Robotics ETF is an actively managed ETF that seeks long-term growth of capital by investing primarily in domestic and foreign equity securities of autonomous technology and robotics companies that follow the theme of disruptive innovation. This fund charges 75 bps in fees.

ARK Innovation ETF (ARKK - Free Report) – 10.95% Weight

Companies within ARKK include those that rely on or benefit from the development of new products or services, technological improvements, and advancements in scientific research in areas like automation, robotics, energy storage, and AI.

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