'Crazy fast' production: Tesla shares soar on Musk's confidence in Model 3

Tesla CEO Elon Musk unveils the Roadster 2 during a presentation in Hawthorne California

Tesla CEO Elon Musk unveils the Roadster 2 during a presentation in Hawthorne California

Musk has faced criticism from shareholders over him overseeing both the chairman and chief executive role at the company, as some said it would not be effective for the company as it moves into more competitive markets.

The Model Y is expected to be a scaled-down Model X riding atop the Model 3's platform, complete with falcon doors and all, according to reports.

He said: "It's important for us to show with the Roadster that an electric vehicle can outperform a gasoline auto in every way". "We expect to get into volume production by Q1 of next year".

"The Model 3 ramp is understandably the central focus for investors as the company works to increase production", Baird Equity Research analyst Ben Kallo wrote in a research note.

"This is the most excruciating hellish several months I've ever had. but I think we're getting there", he told investors. Meanwhile, production of the all-wheel-drive variant is imminent, so U.S. customers who are waiting to configure their D-badged Model 3 order will receive a notification within the next week, said Musk. What matters for now is that Tesla is close to hitting its target production numbers (finally!) for the Model 3 and it does begin to feel like the corner is being turned.

I don't think that the results of the votes had any impact since it was quite predictable that most shareholders would vote with the board.




Musk's comments came after shareholders re-elected three directors and voted against a proposal to wrest the chairman role from Musk.

Tesla shareholders also voted to confirm three members of the company's board of directors, including 21st Century Fox CEO James Murdoch and Musk's younger brother, Kimbal Musk.

"The Board believes that the Company's success to date would not have been possible if the Board was led by another director", the board said. Then I had a road bike until I was 17, and was nearly killed by a truck.

"The rate of stationary storage deployment is going to grow exponentially", he added. Musk also confirmed that Tesla will build its first factory outside the U.S.in China.

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.

The CEO noted that plans for the trial will be announced within the next few months.

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