Shanghai will host Tesla’s first vehicle plant outside USA, official says

07 June, 2018, 06:31 | Author: Lora Ball
  • Tesla: Why It's 'All About' Model 3 Production

Since Tesla began taking reservations - more than two years ago - 23 percent of Model 3 depositors had their money refunded, the "Second Measure" report said.

Tesla has been struggling to ramp up production of its new Model 3 sedan, which is crucial to the company's long-term profitability.

Tesla's shareholders have re-elected three directors and voted against removing Elon Musk as company chairman.

Few doubts were on display at Tesla's annual shareholder meeting on Tuesday (June 5).

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. At present, Tesla makes cars south of San Francisco in Fremont and has its lone Tesla Gigafactory, which makes only batteries, outside Reno, Nevada. Although clearly in jest, Musk's statement seems to imply that the Model Y will have a much more advanced version of the company's Autopilot system.

Not one to pause and take stock, Elon Musk is already teasing what comes next, and therefore we've got a new concept image of the Model Y to look at.

More news: Trump hints at strong jobs report ahead of its release

Contrary to recent press reports asking if Tesla might be abandoning the mass market and what happened to the $35,000 Model 3, Musk assured investors Tesla has not given up on plans to manufacture the base-level version of the vehicle.

The fund also voted against the re-election of board member Antonio Gracias, but backed the reappointment of James Murdoch as well as Elon Musk's brother Kimbal.

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. "But I think we're getting there".

"We do, however, wish to see more discipline with the CEO's pronouncements, but don't expect much improvement there". That had represented the strongest challenge yet to Musk's grip on the Silicon Valley electric vehicle maker, which also faces production setbacks and expectations by many analysts that it will need to raise new cash.

Tesla will announce as soon as next month a combined battery production and vehicle assembly Gigafactory in Shanghai, China.

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