Tesla Stock Jumps As Elon Musk Presents Heady Expectations

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Currently, the roles of both Chairman of the Board and CEO are filled by Elon Musk, and a "Yes" vote would strip Musk of the Chairman role.

A mix between the Model X and Model 3, the Model Y will be officially announced in March 2019, according to Electrek.

He said that the company has largely overcome bottlenecks in production and it is "extremely likely" Tesla will hit a weekly Model 3 production rate of 5,000 cars.

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".

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.

But asked the question about electric motorcycles directly, Musk says it's not going to happen. "This is something I'm trying to get better at".

As it works on ramping Model 3 output, the automaker is moving furiously to expand production at its massive battery manufacturing plant in Nevada. Responding to a question about the smaller segments the brand will expand into, Musk said: "I think we'll do a compact auto in less than five years". Although clearly in jest, Musk's statement seems to imply that the Model Y will have a much more advanced version of the company's Autopilot system.

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The Tesla chairman and CEO also offered updates on some future products, including the long-awaited $35,000 version of the Model 3.

Tesla expects to achieve all this profitably by the end of September, even as it manages about $3 billion in debt maturing between this year and 2021.

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.

However, the proposal was defeated by what Tesla described as a "wide majority". The shareholders ultimately voted to keep the three men on the board of directors.

"It's very hard to become a mass-manufacturing vehicle company", Musk, 46, said after shareholders voted down a measure that would have required an independent director replace him as chairman. Musk also confirmed that Tesla will build its first factory outside the U.S.in China.

The company's share price climbed more than 7% during trading hours. A Europe Gigafactory announcement may come by the end of the year, with the location as of now undecided.