Tesla Model 3 'quite likely' to meet production goals, says Musk
Tesla Motors stock was up 3% on Wednesday after shareholders reinforced chief executive Elon Musk's grip at the head of the company and he said it was “quite likely” that the firm would meet Model 3 production goals of 5,000 weekly units.
TESLA
$539.60
17:39 26/03/20
The car maker had to delay production twice recently due to production bottlenecks, but considers 5,000 weekly units as an objective that could generate enough profit to maintain operations without having to raise capital. Musk said that the target would be increased to 10,000 weekly units in 2019.
The Model 3 production currently manages to generate 3,500 cars per week.
In the Tesla shareholders’ meeting overnight the shareholders voted on a proposal to remove Elon Musk from his role as CEO. The majority voted against it but it the issue is still the hardest challenge Musk has had to face in terms of the control of the company.
Tesla shares have fallen almost 8% since the beginning of the year and 25% from a 12-month high of $389.61 in September.