Tesla 'quite likely' to meet Model 3 goal; Musk remains chairman

Tesla: Why It's 'All About' Model 3 Production

Elon Musk fends off challenge to Tesla control

Little is known about the vehicle at this stage, but Tesla founder and CEO Elon Musk has said it will have falcon wing doors (opening vertically, like on the Model X).

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 Inc (TSLA.O) shares rose 3.5 percent on Wednesday morning after Chief Executive Elon Musk said the vehicle maker was now churning out 500 of its Model 3 sedans a day and should achieve its 5,000 per week target by the end of June.

Smaller cars took top billing in the announcement, with the Model Y confirmed for reveal in March 2019 and production in the first half of 2020.

Cal/OSHA requires large employers including Tesla to send injury rate data for 2017 by July 1, and Tesla could share that information with the public, Michaels said.

One new possible Model that Musk mentioned is a compact auto smaller than the Model 3, which he said could arrive within five years. Tesla has focused on high-priced configurations, some exceeding $70,000, since the vehicle began rolling off assembly lines in 2017. It now looks as though 5,000 per week is going to be achieved before the end of June.

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. Shares fell as much as seven per cent after Musk's snub, evaporating $2 billion USA from Tesla's stock market value.

According to Tesla, shareholders voted to re-elect the three board members and to permit Musk to continue wearing both hats by a supermajority vote.

Besides leading Tesla, Musk is also CEO of Space Exploration Technologies, or SpaceX, the rocket maker based in Hawthorne, California. "Then I had a road bike until I was 17 and was nearly killed by a truck", Musk said.

Also, Tesla will not be building a motorcycle. 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. It marks a bright spot for the company's stock after a tumultuous few months, though it's still down more than 11% from a year ago.

Latest News