Tesla shares pop amid upbeat sentiment on energy business, Model 3 production

Tesla shares pop amid upbeat sentiment on energy business, Model 3 production

It wouldn't be Tesla without drama and the major twist here is that there was an attempt at the shareholder meeting to separate the roles of Chairman and CEO, which Musk survived. Missed targets for the Model 3 contributed to the company burning through more than US$1bn in three of the last four quarters.

While no more details were offered, Musk used the meeting to announce a number of updates for Tesla's current and future range.

'So we're not going to do motorcycles'.

'As we expand our EV capabilities and commitment, we get even more excited about the role electric motorcycles will play in growing our business'. The stock is up nearly 10% today and has largely shrugged off the possibility of bad news associated with high cash burn rates and possible genealogy issues as part of the Model 3 ramp up and something to be anxious about down the line if there does actually turn out to be an issue. Musk said it likely won't be widely available until the beginning of 2019, as Tesla focuses on building and selling the more expensive versions of the sedan during its production ramp up, in an effort to maximize revenue.

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. Volume production of the $35,000 Model 3 would begin in Q1 2019.

I don't think that the results of the votes had any impact since it was quite predictable that most shareholders would vote with the board.

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(Musk is heavily involved in both SpaceX and The Boring Company, of which he is the founder and CEO of both.) Zhao's proposal noted the multi-company CEO could simply be spread too thin for the benefit of Tesla.

ELON Musk, the billionaire owner of pioneering electric auto maker Tesla, has ruled out the possibility of making a Tesla motorcycle.

The fund also voted against the reelection of the board member Antonio Gracias but backed the reappointment of James Murdoch as well as Musk's brother Kimbal. "But instead of recognizing the need for independent and effective board leadership, Tesla has renominated three directors who exemplify the company's failure to evolve". The goal, said Musk, is to be able to go nearly anywhere on earth using the Tesla Supercharger system.

Perhaps most notable was in the announcement was news that Tesla will bring a compact vehicle to market within the next five years.

He repeated his assertion that the company was not planning on raising additional debt or equity, without providing a timeframe, and said he expected positive net income and cash flow in the third and fourth quarters. A Europe Gigafactory announcement may come by the end of the year, with the location as of now undecided.

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