Elon Musk Assures Shareholders On Tesla’s Model 3—Report

Recently, a shareholder’s meet was organized by Tesla. The company had witnessed a considerable amount of change since the meeting took place last year. Elon Musk had to face lawsuits filed by Securities and Exchange Commission. The lawsuit was filed against him after Musk claimed that he has enough money with which Tesla can be turned into a private company.

Presently, during the shareholder’s meet, Elon Musk said that he does not want to talk about the things which had taken place in the past. During the meet, Musk focused on Tesla. He told his audience that the demand for Tesla’s Model 3 is surpassing its manufacturing. Elon Musk also said that within a year, Tesla will be able to run on auto pilot mode. At the meeting Musk also talked about various other vehicles which Tesla is manufacturing at present viz. Model Y, pickup and semi truck.

Though Elon Musk promised about various things during the meeting but investors can’t follow what he was saying. Shares of Tesla have come down more than 29% and on Tuesday price per share was recorded around $217.

The Model 3, which is considered as an iconic car designed by Tesla, loses its charm after buyers lost half of their tax credit. After the shareholder’s meet, share of Tesla showed a sudden spike of 3%. While speaking to the audience, Elon Musk said that its Model 3 is performing better than expected. At present, Tesla is also focusing to make cost effective batteries for Model 3 so that it can make the vehicle accessible to many other buyers.

Tesla is also preparing to develop a manufacturing unit in Shanghai where it will start to work on Model Y, pickup and semi truck. Musk also stated that the Company is set to unveil its Cyberpunk truck this summer. Elon Musk also said that due to manufacturing unit in Shanghai, the company will get upper hand in competing with indigenous car manufacturing companies.