Tesla Teases Model Y Compact SUV

Posted June 07, 2018

The updates provided by Elon Musk and the company's executives during the Annual Shareholder Meeting appear to have struck a note of confidence for the company's investors.

According to Tesla CEO Elon Musk, the Model Y won't use any leather in its interior.

When it's available, the Tesla Model Y would take on challengers such as the Jaguar I-Pace, BMW iX3, and Mercedes-Benz EQC, which may beat it to market. "We will honor that obligation" to deliver at that price, he said, "and we would do so now if it was physically possible". "This is something I'm trying to get better at".

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But the company added that "production bottlenecks" had left it behind on its planned ramp-up for the Model 3.

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 auto market. What matters for now is that Tesla is close to hitting its target production numbers (finally!) for the Model 3 and it does begin to feel like the corner is being turned. CtW Investment Group, a union pension fund adviser, had called upon Tesla shareholders to vote against the three directors with the argument that Tesla's board of directors isn't doing enough to oversee Musk. "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".

Tesla shareholders also voted against a shareholder proposal for Tesla to appoint an independent board chairman. He had urged shareholders not to re-elect the slate of incumbent board members. "Then I had a road bike until I was 17 and was nearly killed by a truck", Musk said.

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A next-generation Supercharger will go into production by the end of 2018.

"The rate of stationary storage deployment is going to grow exponentially", he added. The company's structure requires two-thirds backing for a shake-up. With manufacturing numbers months behind schedule and Tesla burning through cash, some critics believe "Elon time" threatens to jeopardize the company's relationship with Wall Street, putting Tesla's future at risk.

Tesla did not immediately respond to a request for comment on the disparity between the timeline described by Musk and the timeline on the company's website. A Europe Gigafactory announcement may come by the end of the year, with the location as of now undecided.

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