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Tesla to build Golf rival within five years

07 June, 2018, 01:39 | Author: Samuel Sharp
  • Tesla got a head start in the premium electric vehicle segment

Elon Musk said Tesla has experienced "the most excruciating hellish several months that we've ever had". Musk himself owns more than 20% of outstanding shares and institutional investors own another 61%, concentrated mostly in the hands of five large money managers - T Rowe Price, Fidelity, Baillie Gifford, Vanguard and Blackrock. When asked about a question about whether Tesla has any plans of making electric motorcycles, Musk categorically said that it's not going to happen. That's eased the carmaker's cash burn, but some Model 3 reservation holders sought assurances their wait wouldn't be for naught. A spokesperson declined to disclose the percentage of Model 3 deposits that have been refunded.

Apart from assuring investors that the Model 3 line is steadily approaching its production goal, Musk also discussed what could very well be the dark horse of Tesla's ecosystem - its energy business. "I do have an issue with time", Musk said, according to Detroit News.

During the past few months Musk has endured production hell with continuous Model 3 manufacturing woes as he also wrestled with the media over negative coverage. A damaging split at this stage between board and management would risk everything and it's clear that Tesla has a hit on its hands with the Model 3 (about half a million orders with effectively free loans amounting to nearly half a billion dollars from the deposits paid), but an engineering problem associated with building enough of them fast enough. Tesla has not hit the intended goal of 5,000 cars per week.

As Tesla's 'Autopilot' feature remains in the news for all the wrong reasons, the company is looking to release a free trial of its self-driving software in the coming months, in a bid to improve public trust in its capabilities. He had been targeting 5,000 a week by around the end of June, a rate he said will allow Tesla to become profitable in the third quarter and cash-flow positive in each of the third and fourth periods.

His talk began with praise for company employees, then he added, "We build our cars with love".

As it works on ramping Model 3 output, the automaker is moving furiously to expand production at its massive battery manufacturing plant in Nevada.

He added said the electric auto maker will soon produce more batteries at its Nevada Gigafactory than all other electric vehicle companies combined, including those in China.


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