Tesla: Why It's 'All About' Model 3 Production

Alicia Cross
June 7, 2018

The world's biggest wealth fund voted contrary to the management recommendation on this item, but it was in the minority, as the majority of Tesla shareholders shot down the proposal to separate Elon Musk's roles at Tesla "by a wide margin", the company's General Counsel Todd Maron said at the meeting.

"It's very hard to become a mass-manufacturing auto company", Musk, 46, said after shareholders voted down a measure that would have required an independent director replace him as chairman. Additionally, we can see that the crossover will have a more upright and pronounced front fascia than current Tesla models. Missed targets for the Model 3 contributed to the company burning through more than US$1bn in three of the last four quarters. He has however gained the backing of two well-known proxy advisory services, Glass Lewis and Institutional Shareholder Services who have advised investors that they feel Musk may be "distracted" by his dual role at the company as well as his business interests in unrelated firms SpaceX and The Boring Company. Manufacturing bottlenecks have delayed the delivery of vehicles to customers and deferred much-needed revenue as the company continues to spend heavily on Model 3 production fixes, as well as projects in the pipeline.

The company used the meeting to reveal that its newest "gigafactory" would be built in Shanghai, with an announcement about the Chinese factory coming "really soon", Mr Musk said.

Musk also said had a road bike until he was 17 and was nearly killed by a truck. "But with the third one, I'm highly confident that we can exceed 5 000 units per week". Tesla says it intends on kicking off Model Y production in early 2020. This could finally be the turnaround in the stock which has taken a bit of a beating this year.

Investors have appeared to be shaken by Musk's antics in recent months.

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Tesla's (TSLA) stock rallied nearly 10% during market hours today following CEO Elon Musk showing a lot of confidence during the company's annual shareholder meeting.

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

Tesla then plans to unveil the Model Y crossover in March.

The company has pointed toward Model 3 production of 5,000 a week by the end of this month. With manufacturing numbers months behind schedule and Tesla burning through cash, some critics believe "Elon time" threatens to jeopardize the company's relationship with Wall Street, putting Tesla's future at risk.

Musk said U.S. customers who make new reservations for a Model 3 sedan should expect to receive the vehicle in three to four months if they opt for a long-range battery and rear-wheel drive.

Other reports by Free-Prsite

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