Economy

Tesla boss says no to electric bikes

Tesla boss says no to electric bikes

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

During a presentation, and more than an hour of questions, Musk seemed buoyant, at times overcome with emotions, as he ticked off the company's achievements: the Model 3's ranking as a top-selling premium sedan in the USA, installation of one gigawatt-hour of energy storage, the 2020 production plans for the Model Y and revamped Roadster.

In the wake of several high profile crashes and frustrating production schedules, this year's annual Tesla shareholders' meeting was slightly more tense than ones before it.

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The report says that 8 percent of depositors had configured a Tesla for production in April, which deems the purchase nonrefundable. "This is something I'm trying to get better at". 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.

Responding to a question about compact [Golf size] and sub-compact [Fiesta size] cars, Musk told the Tesla shareholders' conference: "I think we'll do a compact vehicle in less than five years".

The board ultimately voted in favor of Musk, which many analysts have noted is a vote of confidence in both Musk's leadership and Tesla as a company. Volume production of the $35,000 Model 3 would begin in Q1 2019.

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Investor Antonio Gracias, Tesla's lead independent director; James Murdoch, the CEO of Twenty-First Century Fox Inc; and Elon Musk's brother Kimbal have all been re-elected as Tesla directors.

Before the meeting started, one shareholder said the current board was "an obstacle, not an aid", to the electric auto makers success.

The company said a "supermajority" of shareholders also rejected a proposal to force Musk to step down as Tesla's chairman, a position he has held since 2004 - four years before he also assumed the CEO job. In addition to being Tesla's CEO, Musk is also Tesla's chairman and largest shareholder. "So we're not going to do motorcycles". "Next quarter, at the Gigafactory, we expect to make more battery capacity than all other EVs combined worldwide, including China".

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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. All three men were in question as to their ability to keep Musk focused on Tesla and its projects.