Elon Musk addresses Model 3 at Tesla shareholders meeting

Elon Musk addresses Model 3 at Tesla shareholders meeting

At Tesla's annual shareholder meeting yesterday Musk said the firm's future was firmly on four wheels.

To do that, Tesla will probably have to meet Musk's manufacturing goals for its Model 3, a sedan with a starting price tag of $35,000 that represents the company's attempt to reach a mass market. Musk said manufacturing will be Tesla's greatest long-term strength and predicted the company would be profitable in the third and fourth quarters.

Like Steve Jobs before him, Blank said, Musk excels as a visionary and innovator but struggles to implement that vision.

The multibillionaire has bet the future of his $49 billion electric vehicle and battery-making company, on the success of the Model 3. "We will honor that promise". "We would do so right now if it was physically possible".

One new possible Model that Musk mentioned is a compact auto smaller than the Model 3, which he said could arrive within five years. 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. The wait for the right-hand-drive version, meanwhile, could be up to 15 months. The stock is up nearly 10% today and has largely shrugged off the possibility of bad news associated with high cash burn rates and possible genealogy issues as part of the Model 3 ramp up and something to be anxious about down the line if there does actually turn out to be an issue.

"We are incredibly excited to build the first Gigafactory outside the USA in China, specifically it is going to be in Shanghai", Ren said.

"But I think we're getting there", he added.

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Musk told shareholders that the Tesla Model Y would be unveiled in March 2019 with production in early 2020.

The proposal to remove Musk from his role as chairman of Tesla's board was initiated by Jing Zhao, a shareholder who believes Musk may be "spread too thin".

Kimbal Musk - who now sits on Tesla's board - would lie to his older brother about the time, telling the future billionaire that the bus would be arriving, several minutes ahead of schedule.

Tesla had recommended shareholders leave Musk with both top jobs and argued the directors are qualified.

'Then I had a road bike until I was 17 and was nearly killed by a truck, ' Musk said. It now looks as though 5,000 per week is going to be achieved before the end of June.

Tesla, which has talked about building a factory in Europe for years, plans to announce a location later this year, Mr. Musk said.