New Tesla Model 3 orders unlikely to ship before end of 2018
- Author: Zachary Reyes Jun 07, 2017,
Jun 07, 2017, 11:39
Their products -from the electric cars, solar roofing tiles, to the battery packs to store that power - are already revolutionizing the way people generate and use energy. 6788000 shares were traded on Tesla Motors, Inc.'s last session. Or, as Musk put it at the hour-long meeting, "Tesla's like a drama magnet". Musk said Tesla's worker injury rate is actually 32 percent below that of the auto industry and getting better, due to changes such as having three working shifts instead of two, which has cut down on workers being exhausted and losing focus on the factory floor.
Tesla now maintains a classified board of directors, in which only a fraction of the members are elected each time instead of altogether.
A group of CT pension funds had called for annual elections, saying it would improve accountability. Ltd. now owns 17,531 shares of the electric vehicle producer's stock worth $3,577,000 after buying an additional 2,776 shares in the last quarter.
In other news, Director Kimbal Musk sold 2,500 shares of the company's stock in a transaction that occurred on Monday, May 1st.
Tesla's management also successfully fended off institutional investors' attempt to make board directors face annual elections, rather than serving staggered, three-year terms.
The company said it received 373,000 preorders of the vehicle in the first few weeks it started taking them, but Tesla hasn't updated the number since then. SRS Capital Advisors Inc. raised its position in Tesla by 1,213.3% in the first quarter.
Earlier this month, Musk said that the new platform would be ready for production in "late 2019 to 2020". He said Tesla could leverage these to reduce capital expenditures by a factor of two over those needed for the Model 3, while still accelerating its production timeline. The company's market cap is $57.96 billion.
Part of Tesla's decision to build the Model Y on a new platform was driven from their experience building the Model X. Musk said it would be a mistake not to design a entirely new auto given the opportunities to optimize the vehicle, and design more efficient manufacturing lines. Gracias Antonio J. also sold $1.40 million worth of Tesla Inc (NASDAQ:TSLA) on Friday, February 24. Bigger rivals like GM, Volkswagen and Toyota routinely sell more than 10 million per year. "There's 10,000 unique items, and it only moves as fast as the slowest item".
Despite being on a non-restricted road, it doesn't look as though Tesla did any high-speed testing in particular, but given how the absence of an engine sound can take away ten or 20 miles per hour from the actual speed of the vehicle, the Model 3 wasn't probably going too slow either. The Model 3 is the linchpin of Tesla's expansion plans and its ambition to become a mass-market auto maker, a move that would allow it to match its current lofty valuation. And while Tesla is promising to increase its network of stores and service centers by 30 percent this year, it began 2017 with just 250 service centers worldwide.
The electric-car maker is in many ways out of sync with its peers in the world's largest electric-car market.
Automotive competitors like Mercedes and Volvo - not to mention tech companies like Google and Uber - can also match Tesla's efforts to develop self-driving vehicles. Finally, American Century Companies Inc. increased its stake in shares of Tesla by 1.0% in the first quarter.
But Musk gave no hint that Tesla is anxious about competition or is planning a merger.
Musk, 45, is both the CEO of Palo Alto, California-based Tesla and chairman of the company's small board.
The Model Y, which is a name given to a planned crossover, will be built on a new platform and in a totally new factory, said Musk. The stock of Tesla Inc (NASDAQ:TSLA) earned "Overweight" rating by Global Equities Research on Tuesday, September 22.