Elon Musk addresses Model 3 at Tesla shareholders meeting


The CEO said it's "quite likely" that Tesla will build 5 000 of the sedans a week by the end of this month.

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.

'Then I had a road bike until I was 17 and was nearly killed by a truck, ' Musk said. Model 3 began deliveries in mid 2017. 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 new teaser is once again a shadowy shot devoid of details but it does provide a glimpse of the proportions of the Model Y, which Musk said Tuesday would be revealed in March 2019 and put into production in early 2020. 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.

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Up to 7 inches (18 centimeters) of rain caused flooding in Helen, a mountain town in Georgia, the National Weather Service said. NC Emergency Management said McDowell County has experienced the most significant flooding since 2004 during Hurricane Frances.

"We will definitely offer a $35,000 version of the Model 3", said Musk. 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.

There are a lot of qualifiers in that sentence, but the Model 3 has seen a lot of interest as the most affordable electric auto from the automaker, even as Tesla struggles to try and ship at the same rate it is selling, and Jaguar's rival I-PACE electric vehicle sees growing interest.

The proposal, which was defeated in a vote at Tesla's annual meeting of stockholders on Tuesday, represented the strongest challenge yet to Musk's grip on the Silicon Valley auto company.

Musk said the company had been through "the most excruciating hellish several months that we've ever had". "This is something I'm trying to get better at". At present, Tesla makes cars south of San Francisco in Fremont and has its lone Tesla Gigafactory, which makes only batteries, outside Reno, Nevada. Musk answered a question about producing a compact vehicle smaller than the Model 3 by saying that it's likely that Tesla would offer such a auto "in the next five years".