- Markets Insider
- Tesla rose more than 10% Wednesday following the company’s annual meeting.
- CEO Elon Musk said the electric-car maker should reach its goal of producing 5,000 Model 3s per week by the end of June.
- He also gave updates on a slew of other products, and announced a new factory in Shanghai.
- Follow Tesla’s stock price in real-time here.
Tesla climbed as much as 10% in trading Wednesday following the company’s annual shareholder meeting in California.
On stage, a visibly emotional Elon Musk, founder and CEO of the electric carmaker, said the company will likely reach its goal of producing 5,000 Model 3 sedans “by the end of this month.”
Musk, who will retain his two jobs of board chairman and CEO after shareholders voted to reaffirm his role, also announced a new factory in Shanghai, which will assemble both batteries and vehicles.
Here are the other announcements form the meeting:
- Tesla aims to reveal the Model Y next March and will likely go into production in early 2020.
- The Semi, Tesla’s electric heavy-duty hauler, will go into production in 2020 and it will be slightly different than what was revealed in 2017 because the company has made improvements.
- The Tesla Roadster will follow the same timeline for production and will have a SpaceX option package available.
- Tesla expects to make 5,000 of its Model 3 cars per week by the end of this month.
Model 3 production issues have weighed on Tesla’s stock price for months. Shares are down 5.3% this year as questions remain of Tesla’s ability to reach production of 5,000 vehicles per week.
Wall Street is cautiously optimistic with an average price target of $316, about 9% above where shares are set to open Wednesday, but thinks the company will need to raise more cash.
“This is like … the most excruciating, hellish several months I’ve maybe ever had,” Musk told shareholders. “But I think we’re getting there.”