Tesla (TSLA) rallies ~10% on Elon Musk’s confidence as the shorts scramble

07 June, 2018, 06:30 | Author: Barbara Daniel
  • Tesla: Why It's 'All About' Model 3 Production

"The cars we'll be building in that factory will be incredible", said Robin Ren, Tesla's worldwide head of sales, before declining to offer any more details because the official announcement is still a few weeks away.

Tesla has yet to meet its original goal of shipping 5,000 of its Model 3 sedans per week.

"It's very hard to become a mass-manufacturing vehicle company", Musk, 46, said after shareholders voted down a measure that would have required an independent director replace him as chairman.

Tesla's next Gigafactory, a combination vehicle and battery-making plant, will be built near Shanghai, a top official said during the company's shareholder meeting on Tuesday in northern California.

I think most of the increase comes from Musk's confidence in hitting the Model 3 production goals and achieving profitability.

"So, we're not going to do motorcycles", Musk said.

During Tuesday's meeting, Musk told shareholders Tesla is producing 3,500 Model 3's a week, and he expects that number to reach 5,000 cars per week by the end of the month.

In April, Tesla said it was making 2,270 vehicles a week. Responding to a question about the smaller segments the brand will expand into, Musk said: "I think we'll do a compact auto in less than five years".

Three other votes are also on the ballot, the retention of 3 other board members, ratify the appointment of Pricewaterhousecooper's as Tesla's independent accounting firm and the issue of whether log-time shareholders should have the ability to place director nominees on the proxy ballot.

'As we expand our EV capabilities and commitment, we get even more excited about the role electric motorcycles will play in growing our business'.

"I'd probably put some sandbag on future dates; that's probably wise", Musk said.

Tesla also announced it has deployed 1 gigawatt-hour of energy storage globally.

Tesla has plenty of new products in the works, but one thing it will never build is a motorcycle, despite Elon Musk's penchant for biker jackets. The CEO made the claims after months of media reports about Tesla facing inspections by California's work-safety regulator and allegations that the company may have under-reported workplace injuries.

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