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Elon Musk promised to accelerate the production of electric cars Model 3 by the end of the month

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Elon Musk promised to accelerate the production of electric cars Model 3 by the end of the month
June 05
09:00 2018

For those who follow the news of the electric vehicle market, it is not new that an annual meeting of Tesla Inc. shareholders took place yesterday.

Elon Musk said that he would do his best to allow the production of electric vehicles Model 3 to meet the targets of 5 thousand vehicles per week. The founder and CEO of the company assured the shareholders that those production figures would be reached by the end of June.

To date, Tesla has demonstrated the ability to produce 3.5 thousand electric vehicles a week. However, the company has not yet overcome the mark of 5 thousand cars a week. It is extremely important for the Tesla’s management to keep promises made by Elon Musk, because twice already the target dates have been missed due to various problems, which, to some extent, have undermined investors’ confidence.

Firstly, it is extremely important to keep a promise because of the risk of undermining the company’s image in the eyes of investors. The second reason is the company’s need to raise funds in the amount sufficient to not attract additional investment.

Elon Musk noted that the last few months had been the most difficult in his life, but he was optimistic about the future and projected that the company would earn a profit in the second half of the year.

He also announced the appearance of the SUV Model Y on the basis of Model 3. It is assumed that the presentation of the new model may take place next spring.

Due to the statements made by the CEO, Tesla’s shares have risen by 1%, but since the beginning of the year the company’s capitalization has decreased by 6.5% to $ 50 billion.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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