Tuesday, 21 August, 2018

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

Elon Musk co-founder and CEO of Tesla Inc Elon Musk co-founder and CEO of Tesla Inc
Kelvin Reese | 07 June, 2018, 06:31

Pioneering electric vehicle maker Tesla will not be making any electric motorcycles, Tesla's founder Elon Musk has said.

Tesla has been struggling to ramp up production of its new Model 3 sedan, which is crucial to the company's long-term profitability.

Tesla's board had recommended that shareholders re-elect all three board members, as well as reject a shareholder proposal that would have required the board chairman be an independent director.

During Tesla's recently-held 2018 Annual Shareholder Meeting, Elon Musk revealed that the Model 3 line is now producing a steady rate of 3,500 vehicles per week.

Meanwhile, Musk said that Tesla's next mass-market vehicle, the Model Y, won't be fully revealed until next spring, with production set to follow in the first half of 2020. Although clearly in jest, Musk's statement seems to imply that the Model Y will have a much more advanced version of the company's Autopilot system.

Tesla is also now turning its attention toward expanding its manufacturing capacity by adding another plant, which will produce cars, battery packs and powertrains in Shanghai.

If Tesla makes good on that promise, it may assuage some investors' fear.

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In November 2017, it said it hoped to achieve a production rate of 5,000 per month by the end of the first quarter of 2018, pushing back what was originally a target for the end of 2017.

"Model Y will not have any leather in it, even in the steering wheel.even if it does have a steering wheel", Musk said, according to Electrek. "Shareholders approved the re-election of the board of directors by a significant margin, which we believe provides a vote of confidence in management", Kallo wrote. "But I think we're getting there".

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

Also, Tesla will not be building a motorcycle.

Tesla will eventually build 10 or 12 Gigafactories worldwide, said Musk, with the goal of localizing production at least to the continent level.

As Tesla's 'Autopilot' feature remains in the news for all the wrong reasons, the company is looking to release a free trial of its self-driving software in the coming months, in a bid to improve public trust in its capabilities.

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