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.

More news: Sonos Unveils New 'Sonos Beam' Soundbar With AirPlay 2, Alexa
More news: How to download iOS 12 on your iPhone or iPad
More news: Iran will trigger new surge of migrants, says Netanyahu

(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.

Related Articles

  • Fire burns 5-star, 115-year-old hotel in London

    Fire burns 5-star, 115-year-old hotel in London

    With nearly 200 rooms, the hotel is located near Harrods department store in Knightsbridge, an upmarket area of central London . The volume of black smoke billowing from a fire at London's Mandarin Oriental has gone down significantly after about an hour.

    Robertson: Mohamed Salah can emulate Messi and Ronaldo

    He is going to be a player who will be a big hero at Liverpool for a long time, I am totally convinced of that. It meant that Ronaldo missed Portugal's two friendlies this week ahead of this summer's World Cup.
    Janet Jackson desperately calls 911 about her son

    Janet Jackson desperately calls 911 about her son

    Janet Jackson called police Saturday over concern for her 1-year-old son, Eissa Al Mana, authorities told CNN. At the time of separating, Jackson released a statement to say they were both committed to co-parenting.
  • Cristiano Ronaldo to Fulfill Wishes of Children With Make-A -Wish Foundation

    Cristiano Ronaldo to Fulfill Wishes of Children With Make-A -Wish Foundation

    The Colombian has really worked his way into the World Cup form with his recent performances in the German Bundesliga. Asensio told Marca , in an interview, "I can't imagine playing without him".

    Tributes pour in for Kate Spade

    Kate Spade launched a New York-based company, Kate Spade Handbags , in January 1993 with her husband Andy Spade . Andy was reportedly at the home when Kate's body was discovered but it is unclear how long he had been there.
    Trump Defends Melania Trump and Spreads Conspiracies About Her in the Process

    Trump Defends Melania Trump and Spreads Conspiracies About Her in the Process

    Trump's attack on Brzezinski past year , in which he bashed her show's ratings and called her "low I.Q. But the presidential press corps were not invited to that function for military families.
  • LeBron James SLAMMED: Cavs star made one monumental error against Warriors

    LeBron James SLAMMED: Cavs star made one monumental error against Warriors

    Kerr closed with a defense of athlete activism, "You have to understand that what players have protested is not the military". Kerr also lauded the Eagles for being what he called "fantastic citizens in their own community".

    Is Marouane Fellaini About To Trade Man Utd For Arsenal?

    Arsenal are on a tight budget this summer after spending big on Alexandre Lacazette and Pierre-Emerick Aubameyang last season. Metro claim he has already rejected two offers from United and that the Gunners will now meet his representatives this week.
    England show World Cup promise in home victory over Nigeria

    England show World Cup promise in home victory over Nigeria

    With England's last World Cup warm-up set for Thursday against Costa Rica , Southgate is keeping his stoppers guessing. England beat Nigeria 2-1 before the World Cup 2018, with goals from Cahill, Kane and Iwobi.
  • Will Trump-Kim summit discuss human rights issues?

    Will Trump-Kim summit discuss human rights issues?

    Also, Singapore on Tuesday added its southern resort island of Sentosa to a special event area designated for next week's summit. I think it's going to be a process. "We are talking about the installation of a gas pipeline", the Russian president said.
    Tetris Effect Announced for PS4 and PlayStation VR by REZ Creator

    Tetris Effect Announced for PS4 and PlayStation VR by REZ Creator

    As promised a couple of days ago , Sony Interactive Entertainment announced a brand new PS4 game during a pre-E3 livestream. Fully playable on either a standard display (up to 4K and 60fps on a PS4™Pro), or optionally in mind-blowing 3D on PS VR.
    Paul Manafort accused of attempted witness tampering

    Paul Manafort accused of attempted witness tampering

    Those potential witnesses, said to have been principals of a PR firm, are identified only as D1 and D2 in the court filings. Specifically, Manafort allegedly told Person D1 on February 26, "We should talk".