Monday , October 18 2021

Elon Musk at Tesla's shareholders meeting promises 400-mile car


Tesla CEO Elon Musk addressed the company's annual shareholder meeting in Mountain View, Calif., On Tuesday, telling investors: "It will not be long before we have a car with 400-mile range."

He also said that sometime next year, Tesla drivers will be able to use standalone features in their vehicles without intervention.

Musk said: "Every car manufactured since October 2016 is capable of full autonomy with the replacement of the computer alone." He added: "We still need regulatory approval, but the capacity will be there, which greatly boosts the value of the car, and I think it's basically insane to buy anything except an electric car that can be upgraded for autonomy."

Tesla CEO Elon Musk speaks at the inauguration of the new Tesla Model Y in Hawthorne, California on March 14, 2019.

Frederic J. Brown | AFP | Getty Images

(It would be unprecedented for a car to appreciate in short-term value. It is rare when cars become a collector's option and gain value for a long time.)

CTO and Tesla co-founder JB Straubel, who has rarely been seen in public in recent days, joined Musk on stage to thank the teams that built the company's battery technology and the gigantic US battery factory, Gigafactory. Tesla owns and operates in conjunction with Panasonic, its leading cell supplier for its vehicle batteries currently.

Musk and Straubel also showed an image of a green field in Europe, joking that this would one day be their Gigafactory in Europe. The company plans to establish a car factory on every continent, Musk said. By the end of this year, they intend to determine and announce the location of another battery and car factory in Europe.

Executives were also accompanied by Drew Baglino, who has been at Tesla for 14 years and leads battery, power train and sunroof projects.

The electric vehicle and renewable energy company is poised to produce and deliver 90,000 to 100,000 cars to customers by the end of this quarter, as prior guidance has been reiterated by executives including Musk and CFO Zach Kirkhorn throughout the period. .

Tesla is also trying to make and sell more cars with fewer employees in the US, having fired hundreds of people in cost-cutting measures earlier this year. At the same time, it is expanding operations internationally with a new car assembly and assembly plant, known as Gigafactory 3, underway in Shanghai.

Musk also told shareholders that they should await the inauguration of the Tesla pickup truck in late summer of 2019, and produce its Semi Electric truck longer by the end of 2020.

Outside the venue of the shareholder meeting, the Computer History Museum in Mountain View, Calif., Tesla displayed prototypes of its future Roadster, Semi and Model Y, prompting fans and shareholders to post photos on social networks.

The annual meeting marks Tesla's first since Oracle founder Larry Ellison and Walgreens Boots Alliance executive Kathleen Wilson-Thompson joined the company's board of directors last year. (Ellison was present on Tuesday.)

When asked about Tesla's financial outlook for 2019, Musk said, "Profitability is always a challenge if you are a fast-growing company." He said Tesla is on target to boost its entire "fleet" by 60% to 80% this year, and said: "It's hard to be profitable at this level of growth." He said the company may have a positive cash flow while growing at that rate.

Tesla shares have soared in recent days following favorable analyst reports and electric vehicle sales forecasts, such as Morgan Stanley and IHS Markit, respectively. Tesla shares closed on Tuesday at $ 217.10, down 36 percent from last year when they were trading close to $ 342.


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