Wednesday, 17 October, 2018

Elon Musk keeps grip on Tesla, promises to solve production problems

Second Measure Second Measure Second Measure Second Measure
Elsie Buchanan | 06 June, 2018, 23:59

The new photo confirms previous rumors that the Model Y will take some of its design features from the Model X SUV. When that generation III Supercharger launches, said Musk, "we're going to accelerate Supercharger expansion even more".

If any significant amount of institutionally held shares voted for the removal of Musk as Chairman, a logical conclusion would be that one or more of the big institutional owners was growing impatient with the company's current trajectory.

Tesla has released few details about the Model Y besides teasing several images.

Answering a Twitter question about whether European customers will get a cab-over-engine model, Musk said that an upcoming revision to the design that was revealed in late 2017 will make the truck fit in with legislations across the world. During the Annual Shareholder Meeting, Musk reiterated a recent report stating that the company has deployed a total of 1GWh of energy storage worldwide to date.

Musk didn't mention when either vehicle would show, but it's likely that both would come after the Model Y in 2020.

Construction on a third general assembly line in Fremont started two weeks ago.

Tesla last month told employees that the company was being reorganized to speed up production of Model 3 vehicles - a key to profitability for the fast-growing electric auto maker.

Contrary to recent press reports asking if Tesla might be abandoning the mass market and what happened to the $35,000 Model 3, Musk assured investors Tesla has not given up on plans to manufacture the base-level version of the vehicle. The shareholder proposed that the company replace Musk, who has served as the chairman of the Tesla's board of directors since 2004 and its CEO since 2008, with an independent chairman.

According to Tesla, the Model 3 has now become the best-selling mid-sized premium sedan.

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Buyers can either choose to purchase Autopilot when they buy the auto for $6,600 CAD or as a later upgrade for $7,900.

Tesla had struggled to meet the impressive demand for its vehicle, with a reported 500,000 pre-orders put in so far. That's eased the carmaker's cash burn, but some Model 3 reservation holders sought assurances their wait wouldn't be for naught.

The company's share price climbed more than 7% during trading hours. Shares fell as much as seven per cent after Musk's snub, evaporating $2 billion U.S. from Tesla's stock market value.

Musk repeated Tesla's contention that should Model 3 production ramp up as expected, profitability will follow.

The company has pointed toward Model 3 production of 5,000 a week by the end of this month.

One new possible Model that Musk mentioned is a compact vehicle smaller than the Model 3, which he said could arrive within five years.

He added said the electric auto maker will soon produce more batteries at its Nevada Gigafactory than all other electric vehicle companies combined, including those in China.

This will be rear-wheel drive only and sport a smaller battery pack than other models in the range.

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