Published: Thu, June 07, 2018
Markets | By Noel Gibbs

Tesla (TSLA) rallies ~10% on Elon Musk’s confidence as the shorts scramble

Tesla (TSLA) rallies ~10% on Elon Musk’s confidence as the shorts scramble

Tesla shareholders voted Tuesday to keep company founder and CEO Elon Musk in place as its chairman of the board, defeating a measure that sought to replace the mercurial tech entrepreneur with an independent executive. When it does debut, we can expect similar powertain options and a slightly higher price point than the Model 3.

Tesla failed to hit its Model 3 production deadline of 5,000 cars a week in December 2017 which has resulted the company not being able earn profit on the vehicle.

Well Tesla shareholders backed Elon Musk to remain in situ as Chair.

Wait times for the Model 3 are three to four months for an order placed today in the U.S. and 15 months for right-hand-drive cars, meaning the Model 3 is unlikely to arrive on British soil before the third quarter of 2019.

"It's really looking like we're going to have positive GAAP net income next quarter, as well as positive cash flow, in Q3 and Q4", he said.

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'As we expand our EV capabilities and commitment, we get even more excited about the role electric motorcycles will play in growing our business'.

Musk said the company had been through "the most excruciating hellish several months that we've ever had".

Tesla has struggled to ramp up production for the Model 3 since it was launched in July 2017. Volume production of the $35,000 Model 3 would begin in Q1 2019. That will go into production in the first half of 2020, along with the Semi truck and Roadster models, Musk said. Despite concerns that each member would be unable to help Musk focus on the many challenges Tesla faces, stockholders voted to maintain their positions on the board.

Shareholders also rejected a proposal made by shareholder Jing Zhao, who held 12 shares, that would've required the role of board chair to be held by an independent director.

On Tuesday, shareholders approved re-electing Antonio Gracias, James Murdoch and Kimbal Musk, the CEO's brother.

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"The Board believes that the Company's success to date would not have been possible if the Board was led by another director", the board said.

The CEO said it's "quite likely" that Tesla will build 5 000 of the sedans a week by the end of this month.

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

The two positions are often held by the same person in U.S. companies, unlike in United Kingdom firms. A Europe Gigafactory announcement may come by the end of the year, with the location as of now undecided.

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