Tesla shares rise as Musk says Model 3 set to hit target


Elon Musk was re-elected as Chairman of Tesla in the annual shareholders meeting held in California.

A mix between the Model X and Model 3, the Model Y will be officially announced in March 2019, according to Electrek.

Musk took the stage at the shareholder meeting, moving slowly and dressed in dark tones, and looking teary-eyed. The Model 3 is supposed to start at around $35k, though Tesla has yet to begin delivering those base-spec versions.

'So we're not going to do motorcycles'. "I kind of say when I think it can occur, but then I'm typically optimistic about these things".

Issues on Tesla's production line seem not to have affected sales of its Model 3 sedan, which the company claimed on Twitter was now the "best-selling mid-sized premium sedan in the USA".

After describing the past few months as among the most "hellish" in his life, Musk said he expected Tesla to post a quarterly profit during the July-September period.

Start Time, How to Watch and iPhone SE2 Rumors
Apple may also launch a $250 speaker with Siri integration to take on Android/Alexa-powered counterparts. In any case WWDC 2018 is kicking off tomorrow so hopefully we'll have more details to share then.

Tesla shares (NASDAQ:TSLA) are up 6.21% on Wednesday's intraday, trading at $309.19 per share amid positive sentiments over the company's capability to meet its Model 3 production targets for Q2 2018 and its growing energy business.

Tesla shareholders also voted to confirm three members of the company's board of directors, including 21st Century Fox CEO James Murdoch and Musk's younger brother, Kimbal Musk.

In an apparent vote of confidence in Musk, shareholders rejected by a large majority a proposal on the ballot to split the chairman and chief executive roles, both of which are held by the co-founder.

Just days after failing to receive a Recommended score in Consumer Reports, the Tesla Model 3 received the Recommended label after improving its braking performance via an over-the-air software update.

The shareholders he represents want Tesla to succeed, he said, "but the current board is an obstacle, not an aid, to these goals". "Next quarter, at the Gigafactory, we expect to make more battery capacity than all other EVs combined worldwide, including China".

Tesla will eventually build 10 or 12 Gigafactories worldwide, said Musk, with the goal of localizing production at least to the continent level. With manufacturing numbers months behind schedule and Tesla burning through cash, some critics believe "Elon time" threatens to jeopardize the company's relationship with Wall Street, putting Tesla's future at risk.