Tesla Teases Model Y Compact SUV

Tesla CEO Elon Musk unveils the Roadster 2 during a presentation in Hawthorne California

Elon Musk expressed confidence about Tesla achieving the next production goal for its crucial Model 3, predicting that manufacturing will become a strength for the electric auto maker over time.

At the shareholders meeting, Musk said it is "quite likely" that Model 3 production would grow to 5,000 a week from 2,270 a week in April.

There are a lot of qualifiers in that sentence, but the Model 3 has seen a lot of interest as the most affordable electric auto from the automaker, even as Tesla struggles to try and ship at the same rate it is selling, and Jaguar's rival I-PACE electric vehicle sees growing interest. Manufacturing bottlenecks have delayed the delivery of vehicles to customers and deferred much-needed revenue as the company continues to spend heavily on Model 3 production fixes, as well as projects in the pipeline.

The move would have removed Musk as chairman of the Tesla board.

"In less than a year from now, we will do another Gigawatt (project)".

"The rate of stationary storage deployment is going to grow exponentially", he added. 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.

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

The Model 3 is considered key for Tesla as it tries to evolve from a niche luxury automaker into a prolific brand in the vein of Ford (F) or General Motors (GM).

The fund also voted against the reelection of the board member Antonio Gracias but backed the reappointment of James Murdoch as well as Musk's brother Kimbal. 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".

He repeated his assertion that the company was not planning on raising additional debt or equity, without providing a timeframe, and said he expected positive net income and cash flow in the third and fourth quarters.

"Everyone is so focused on the short-term, but on long-term goals, they are actually ahead of schedule".

Moments after the vote, Musk - who appeared emotional as his voice quivered - said the company has experienced "the most excruciating hellish several months that we've ever had". If you look at analyst reports just three years ago, that cost for battery cells would've been unheard of.

Tesla's stock is down about 7 percent year-to-date.

Disclosure: I have no ownership in shares of TSLA and have no plans to initiate any positions within 72 hours.

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