Elon Musk, at Tesla shareholder meeting, promises 400 km range car
Tesla's CEO Elon Musk spoke at the company's annual shareholder meeting in Mountain View, California on Tuesday, and told investors: "It won't be long before we have a car with 400 kilometers."
He also said that next year, Tesla drivers will be able to use self-propelled features in their vehicles without intervention.
Musk said, "Every car made since October 2016 is capable of full autonomy with the replacement of the computer alone." He also added, "We still need regulatory approval, but the ability will be there. This greatly increases the car's value. In fact, I think it's basically economically painful to buy something except an electric car that can be upgraded to autonomy." 1[ads1]9659004] Tesla CEO Elon Musk talks at the announcement of the new Tesla Model Y in Hawthorne, California, March 14, 2019.
Frederic J. Brown | AFP | Getty Images
(It would be unsurpassed for a car to appreciate in the near future. It is rare when cars become a collector's choice and value over a long period of time.)
Tesla CTO and co-founder JB Straubel, who rarely has been seen publicly on the last few days, came to Musk on stage at the meeting to thank teams that built the company's battery technical and massive US battery usage, Gigafactory. Tesla owns and operates this factory together with Panasonic, its primary supplier of cell batteries today.
Musk and Straubel also showed a picture of a green field in Europe, and joked that one day this would be their Gigafactory in Europe. The company aims to establish a car factory on every continent, says Musk. By the end of this year, they intend to decide and announce the location of another car and plant in Europe.
The Execs also joined Drew Baglino, who has been with Tesla for 14 years and leads battery, power plants and sunroof projects.
The electric vehicle and the renewable energy company are on the hook to produce and deliver 90,000 to 100,000 cars to customers by the end of this quarter, as per their previous guide, which has been repeated by executives, including Musk and CFO Zach Kirkhorn, throughout period.
Tesla is also trying to produce and sell more cars with fewer employees in the US, after spending hundreds in cost-cutting measures earlier this year. At the same time, the company is expanding operations internationally, with a new car factory and car assembly, known as Gigafactory 3, in Shanghai.
Musk also told shareholders that they were expecting a unveiling of the Tesla pickup truck towards the end of the summer of 2019, and the production of their larger electric semi-truck by the end of 2020.
Outside the meeting where the General Assembly took place, the Computer History Museum In Mountain View, California, Tesla demonstrated prototypes of its upcoming Roadster, Semi, and Model Y, requesting fans and shareholders to embed snapshots on social networks.
The annual meeting is the first for Tesla since Oracle founder Larry Ellison and Walgreens Boots Alliance executive Kathleen Wilson-Thompson joined the company's board late last year. (Ellison was present on Tuesday.)
When asked about Tesla's economic prospects for 2019, Musk said: "Profitability is always challenging if you are a fast growing company." He said Tesla is aiming to grow its entire fleet by 60% to 80% this year, saying, "It's hard to be profitable with that level of growth." He said the company could be cash flow positive while growing to that rate.
The Tesla share has become higher in recent days after beneficial analyst reports and sales of electric vehicles from Morgan Stanley and IHS Markit respectively. Tesla shares closed Tuesday at $ 217.10, down 36% since this time last year when they traded near $ 342.
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