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Model 3 is on target, says Elon Musk

Model 3 is on target, says Elon Musk

"We made a lot of mistakes with Model 3 production, but we are addressing them", Musk said at the shareholders' meeting.

The process of ramping up Model 3 production has been "hellish", Musk said.

To do that, Tesla will probably have to meet Musk's manufacturing goals for its Model 3, a sedan with a starting price tag of $35,000 that represents the company's attempt to reach a mass market.

Tesla said the proposal to force Mr Musk to hand over the chairman post, leaving him as just the company's chief executive, was voted down by a "supermajority" of shareholders. "We expect to get into volume production by Q1 of next year".

While Musk spent most of his time on stage at the Computer History Museum talking about the Model 3, and giving updates on the Tesla Gigafactory, its upcoming semi truck, and plans to unveil the first production version of the Model Y vehicle in early 2019, the meeting was, ostensibly, for Tesla shareholders to vote on various measures affecting the company.

He indicated Tesla aims to build 10,000 Model 3 cars a week next year.




For Tesla to make affordable vehicles, "it is going to be important to localize production to at least a continent level", Musk said. "But instead of recognizing the need for independent and effective board leadership, Tesla has renominated three directors who exemplify the company's failure to evolve".

Tesla shareholders also voted to confirm three members of the company's board of directors, including 21st Century Fox CEO James Murdoch and Musk's younger brother, Kimbal Musk.

After conceding that "staying alive" is hard in the auto industry, Musk told shareholders that Tesla will be "cash flow positive" during the second half of this year.

Like Steve Jobs before him, Blank said, Musk excels as a visionary and innovator but struggles to implement that vision.

"This is no longer an innovation problem, this is an execution at scale problem - unless Tesla wants to be a niche innovator chasing profitability and sucking up cash", Blank said.

"It gets boring to execute", he added. "What people miss is that this is an authentic American hero and most of these heroes have in them the seeds of their own destruction".


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