Elon Musk keeps grip on Tesla, promises to solve production problems

Second Measure Second Measure

Second Measure Second Measure

The Tesla chairman and CEO also offered updates on some future products, including the long-awaited $35,000 version of the Model 3. 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. Pictured, Valentino Rossi on a Ducati road bike.

Tesla will eventually build 10 or 12 Gigafactories worldwide, said Musk, with the goal of localizing production at least to the continent level.

The front hood logo on a 2018 Tesla Model 3 electric vehicle is shown in this photo illustration taken in Cardiff, California, U.S., June 1, 2018.

Speaking during Tesla's 2018 Annual Shareholder Meeting, Musk addressed the room full of investors that range and performance of the Tesla Semi and Roadster prototypes that were unveiled last November will be even better in the final production version.

Investors have appeared to be shaken by Musk's antics in recent months.

He said: "It's important for us to show with the Roadster that an electric vehicle can outperform a gasoline auto in every way". "This is something I'm trying to get better at".

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

Musk responded harshly to the Reveal report on Twitter, calling it "carefully constructed propaganda". The most intriguing point, however, was the release of a new Model Y teaser image.

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

Tesla missed its production goal for 2017's third quarter, producing only 260 vehicles compared to an earlier estimate of 1,500. But many of those short sellers were also likely shorting shares below its current price, probably handing them a hefty loss.

Cal/OSHA opened at least two inspections of Tesla in April.

But the company added that "production bottlenecks" had left it behind on its planned ramp-up for the Model 3.

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

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