Tesla shares rise as Musk says Model 3 set to hit target

Gladys Abbott
June 7, 2018

Tesla's released its new Model 3 electric auto in July 2017 with a batch of 30 vehicles sold exclusively to members of staff. In the first quarter of 2013, about 5,000 Tesla cars were delivered to buyers.

(Reuters) - Tesla Inc TSLA.O shares headed for their best day in more than two years on Wednesday after Chief Executive Elon Musk said the auto maker was now churning out 500 of its Model 3 sedans a day and should achieve its 5,000 per week target by the end of June.

By the end of the year, he said, Tesla should be able to manufacture the Model 3 with the smaller battery pack.

He also hinted at a third: "Europe maybe by the end of the year; we just need to figure out where to put it".

Responding to a question about compact [Golf size] and sub-compact [Fiesta size] cars, Musk told the Tesla shareholders' conference: "I think we'll do a compact vehicle in less than five years". "This is going to sound really cheesy, but we build our cars with love".

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And hesparked questions about whether he has the temperament to lead Tesla when he insulted analysts and refused to answer two questions during an earnings call last month. "In particular, the Tesla Roadster". The Tesla CEO teased a "SpaceX upgrade" package for its upcoming Roadster model, utilizing SpaceX " s rocket technology and potentially allowing it to "fly short hops". "It's a insane auto".

A Tesla spokesman declined to elaborate Wednesday on Musk's comments.

"The reliability and capability of Autopilot will increase exponentially over the next six to twelve months", said Musk, as reported by The Verge.

Wait times for the Model 3 are three to four months for an order placed today in the United States 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. Currently, the 400,000 reservation holders for the auto have had to order without the ability to take one for a spin first. If any significant number of "remove" votes are received, it probably signifies an erosion of confidence in Musk on the part of big institutional investors.

Tesla also announced it has deployed 1 gigawatt-hour of energy storage globally. "In some locations, we may even be able to offer same day body fix", he said.

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