Tesla shares pop amid upbeat sentiment on energy business, Model 3 production

Second Measure Second Measure

Second Measure Second Measure

Elon Musk has said Tesla will never build a motorcycle - because he was nearly killed riding one when he was 17.

The Model 3 is Tesla's first mass-market vehicle and was created to broaden the company's customer base beyond the luxury segment.

Tesla Inc. shareholders sided with its besieged board by defeating a proposal to require that the chairman be an independent director and approving the re-election of three directors criticized by an activist investor group.

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. That will go into production in the first half of 2020, along with the Semi truck and Roadster models, Musk said.

By the end of the year, he said, Tesla should be able to manufacture the Model 3 with the smaller battery pack.

"It's quite likely that we will achieve a 5,000-car week by the end of this month", said Musk. What we unveiled with the Roadster was the base model performance.

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The all-wheel drive version of the Model 3 will come out next month, Musk said.

The company has been engaging in so-called "burst builds", temporary periods of fast-as-possible production which it uses to estimate how many cars it is capable of building over longer periods of time. More than 80 percent of shareholder votes were against the proposal.

The fund also voted against the reelection of the board member Antonio Gracias but backed the reappointment of James Murdoch as well as Musk's brother Kimbal. "I kind of say when I think it can occur, but then I'm typically optimistic about these things". "Then I had a road bike until I was 17 and was nearly killed by a truck", Musk said.

Tesla also announced it has deployed 1 gigawatt-hour of energy storage globally.

"The rate of stationary storage deployment is going to grow exponentially", he added.

One of the reasons for Musk's assurance that Tesla is turning the corner on manufacturing is the addition of a third general assembly line that completes the process of putting together the Model 3. The CEO made the claims after months of media reports about Tesla facing inspections by California's work-safety regulator and allegations that the company may have under-reported workplace injuries.

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