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

07 June 2018

Musk also announced that the Model 3 outsold the BMW 3 Series, Mercedes-Benz C-Class, Audi A4 and Lexus IS in the U.S., making it the top-selling premium saloon there.

Tesla's next Gigafactory, a combination auto and battery-making plant, will be built near Shanghai, a top official said during the company's shareholder meeting on Tuesday in northern California.

At the Tesla shareholder meeting, Elon Musk announced that Tesla vehicle owners might soon get a chance to test out Autopilot again through a free trial.

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More than three decades later, the business world is still wrangling with "Elon Time", as one shareholder has labeled it, those confident pronouncements about the timing of deliveries, rollouts and benchmarks that are often unrealistic at best, empty spin at worst (depending on your perspective). By then, Tesla's production lines should have worked all the kinks out and be able to ramp up more quickly to a new model.

Tesla has plans to build a rival to the Volkswagen Golf, Ford Focus and Vauxhall Astra within five years.

Speaking about the company's failure to reach production goals, the CEO and chairman said that Tesla is more about love than finance.

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While Musk also holds the titles of founder and chief executive at Tesla, losing the chairmanship would significantly reduce his influence over the company, in which he has a 20% stake. One of the biggest things that came out of yesterday was Elon Musk said that for battery cells, they could be at below $100 per kilowatt-hour by the end of this year. The goal, said Musk, is to be able to go nearly anywhere on earth using the Tesla Supercharger system. In an earlier letter, the company said Model 3 net reservations surpassed 450,000 at the end of the first quarter. The Model 3 is supposed to start at around $35k, though Tesla has yet to begin delivering those base-spec versions.

Interestingly, Musk made a comment that the new crossover may actually lack a steering wheel but we think he was probably just making a joke. The vehicle starts at $35,000, but now, only the $44,000 version with a long-range battery is available.

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.

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Arguing that the sprawling company has become hard to oversee, one investor proposed splitting the chairman and chief executive jobs, both of which Musk holds. "But I think we're getting there".

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