Tesla reveals plans to build cars in Shanghai

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 United States, installation of one gigawatt-hour of energy storage, the 2020 production plans for the Model Y and revamped Roadster.

Tesla, which has talked about building a factory in Europe for years, plans to announce a location later this year, Mr. Musk said. Ordered today, wait times for Model 3s with the existing configuration would be three or four months, said Musk.

He said: "It's important for us to show with the Roadster that an electric vehicle can outperform a gasoline auto in every way".

"This is something I'm trying to get better at", he said.

Issues on Tesla's production line seem not to have affected sales of its Model 3 sedan, which the company claimed on Twitter was now the "best-selling mid-sized premium sedan in the USA".

In recent months, missed deadlines have plagued the rollout of the Model 3, the sedan that represents Tesla's crucial attempt to break into the mainstream vehicle market.

The Tesla chairman and CEO also offered updates on some future products, including the long-awaited $35,000 version of the Model 3.

Kimbal Musk - who now sits on Tesla's board - would lie to his older brother about the time, telling the future billionaire that the bus would be arriving, several minutes ahead of schedule. "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".

Jing Zhao has notified Tesla that he is the beneficial owner of twelve (12) shares of the company's common stock and intends to present a Shareholder Proposal on Board Chairman Independence, Tesla said in a proxy statement to its shareholders at the end of April, recommending them to vote against this proposal. It now looks as though 5,000 per week is going to be achieved before the end of June. Boards are supposed to represent the interests of shareholders and hold executive management to account. "Next quarter, at the Gigafactory, we expect to make more battery capacity than all other EVs combined worldwide, including China".

Musk still thinks manufacturing will become a strength for the company in the long term, though he acknowledged this was a counter-intuitive prediction after Tesla's trying experiences over the past year. No further details were given, but Musk didn't answer another part of the question that asked whether a subcompact (B-segment) vehicle would be made, suggesting that Tesla will not go smaller than the Volkswagen Golf - at least within the five-year timeframe.

  • Wendy Palmer