Because of the current Model 3 assembly rates, Musk said "it's quite likely we will achieve (production of) 5,000 cars a week by the end of this month". Earlier this week, analytics firm Second Measure put out a report saying that nearly 25 percent of the $1,000 deposits put down on Model 3 cars have been refunded as consumers have exhausted of waiting for their vehicles to be delivered.
Tesla last month told employees that the company was being reorganized to speed up production of Model 3 vehicles - a key to profitability for the fast-growing electric auto maker.
A consumer data research organization recently suggested that customers are increasingly requesting refunds on their Tesla orders. Tesla said that the company was making 2,270 Model 3 vehicles per week in April.
Elon Musk listens at a press conference following the first launch of a SpaceX Falcon Heavy rocket at the Kennedy Space Center in Cape Canaveral, Florida, U.S., February 6, 2018.
A previously reported shareholder proposal to force Tesla to have an independent chairman of the board, a position now held by Tesla co-founder and CEO Elon Musk, didn't pass a shareholder vote.
"We build our cars with love". "At a lot of other companies, they're built by marketing or the finance department and there's no soul".
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The company has been engaging in so-called "burst builds", temporary periods of full-scale production. "One of the biggest mistakes we made was trying to automate things that are super easy for a human to do, and super hard for a robot". He also repeated his contention that Tesla is on target to show positive net income and cash flow in the third and fourth quarter.
Musk told investors that an announcement about a China factory would come "really soon".
Tesla is getting close to hitting a key production target, company CEO Elon Musk said at the electric vehicle maker's annual shareholder meeting on Tuesday. The factory would be in Shanghai, and Tesla was now in talks with the Chinese government, an executive said.
CtW, along with proxy firms Glass Lewis and Institutional Shareholder Services (ISS), had backed the proposal to separate the chairman and chief executive roles and mostly opposed re-electing the three directors.
One investor proposed splitting the chairman and chief executive jobs, both of which Musk holds, arguing the sprawling company has become hard to oversee.
"We will definitely offer a $35,000 version of the Model 3", Musk said Tuesday. Despite concerns that each member would be unable to help Musk focus on the many challenges Tesla faces, stockholders voted to maintain their positions on the board. Tesla shares are down as much as 3.4 percent for the session.