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Tesla teases Model Y, promises March unveiling

07 June, 2018, 06:31 | Author: Melinda Barton
  • Second Measure Second Measure

Little is known about the auto at this stage, but Tesla founder and CEO Elon Musk has said it will have falcon wing doors (opening vertically, like on the Model X).

Short sellers were piling into Tesla to bet against the stock at the end of March as concerns mounted that Tesla would fall well short of its production quota of 2,500 Model 3 units per week, while also betting the company would need to raise capital, further pressuring shares.

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

Elon Musk expressed confidence about Tesla achieving the next production goal for its crucial Model 3, predicting that manufacturing will become a strength for the electric auto maker over time. That will go into production in the first half of 2020, along with the Semi truck and Roadster models, Musk said.

In recent months, missed deadlines have plagued the rollout of the Model 3, the sedan that represents Tesla's crucial attempt to break into the mainstream vehicle market.

The report says that 8 percent of depositors had configured a Tesla for production in April, which deems the purchase nonrefundable. "We just did a big set of upgrades, and it's quite likely that we will achieve a 5,000 auto a week (production rate) by the end of this month", Musk said.


Musk said United States 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. Tesla has focused on high-priced configurations, some exceeding $70,000, since the auto began rolling off assembly lines in 2017.

Currently, the roles of both Chairman of the Board and CEO are filled by Elon Musk, and a "Yes" vote would strip Musk of the Chairman role.

"We did not think these individuals are a credible, independent voice for shareholders".

'Then I had a road bike until I was 17 and was nearly killed by a truck, ' Musk said.

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

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