Published: Thu, June 07, 2018
Money | By Wilma Wheeler

Tesla Teases Model Y Compact SUV

Tesla Teases Model Y Compact SUV

"The biggest constraint on output is general assembly", Musk said. Tesla has not hit the intended goal of 5,000 cars per week.

The Model Y is expected to be a scaled-down Model X riding atop the Model 3's platform, complete with falcon doors and all, according to reports. At present, Tesla makes cars south of San Francisco in Fremont and has its lone Tesla Gigafactory, which makes only batteries, outside Reno, Nevada. Production was originally slated to begin in November 2019, however the start date has now been pushed out to 2020.

Wait times for the Model 3 depend on where you are in the world and the configuration of the vehicle chosen.

Interestingly, Musk made a comment that the new crossover may actually lack a steering wheel but we think he was probably just making a joke. The wait for the right-hand-drive version, meanwhile, could be up to 15 months.

According to Tesla, the Model 3 has now become the best-selling mid-sized premium sedan.

"It's really looking like we're going to have positive GAAP net income next quarter, as well as positive cash flow, in Q3 and Q4", he said. "I'm trying to recalibrate as much as possible".

Speaking before the results were announced, CtW Investment Group's Steve Diamond raised concerns about Tesla's corporate governance.

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.

'As we expand our EV capabilities and commitment, we get even more excited about the role electric motorcycles will play in growing our business'. The carmaker aims to lower the rate to half the auto industry average, he said, without saying by when or giving more specifics.

Besides leading Tesla, Musk is also CEO of Space Exploration Technologies, or SpaceX, the rocket maker based in Hawthorne, California.

'Then I had a road bike until I was 17 and was nearly killed by a truck, ' Musk said.

A next-generation Supercharger will go into production by the end of 2018. In addition to the usual company presentation on operations and a likely Q&A session for investors, the most pressing issue on the agenda is a vote to require that the position of Chairman of Tesla's board of directors be filled by an independent party.

Also, Tesla will not be building a motorcycle.

Earlier this year, in an earnings call, Musk said Tesla would cut expenses to help profitability, but didn't expound on those plans Tuesday.

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