Jun 5, 2018

Elon Musk: Tesla will make 5k Model 3s a week by end of June

Musk in April. Photo: Alberto E. Rodriguez/Getty

Challenged by critics who wanted to take away some of his corporate power, Tesla CEO Elon Musk told shareholders today that he will break through the 5,ooo-a-week barrier for Model 3 production by the end of June.

Musk also said he will ramp up production to 10,o00 Model 3s a week over the next year, attempting to deliver the kind of news Tesla shareholders have sought about the carmaker's first mass-market electric vehicle.

Why it matters: Musk was speaking after shareholders voted down a dissident move to take away his dual title as chairman. The promise of steadily rising production seems likely to mollify investors who have driven down the company's share price.

  • After falling 1.9% during trading hours, Tesla's share price rose by 1.1% after hours as Musk spoke.
  • When a shareholder asked whether he should believe Musk's production forecasts given his record for being late, Musk joked, "I do have an issue with time. I have a condition. My brother used to say when we were catching the bus for school, he would lie about the time."
  • He said, "This is something I am trying to get better at. I am a naturally optimistic person. ... I am trying to recalibrate these estimates." He noted that his technologies eventually are launched, if not on the announced time line.

In the last question from the audience, a shareholder asked why the Model 3 has been delivered so late. "We were overconfident about automated production."

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U.S. coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios. This graphic includes "probable deaths" that New York City began reporting on April 14.

More than 62,300 U.S. health care workers have tested positive for the novel coronavirus and at least 291 have died from the virus, the Centers for Disease Control and Prevention reported on Tuesday. COVID-19 had infected about 9,300 health professionals when the CDC gave its last update on April 17.

By the numbers: More than 98,900 people have died from COVID-19 and over 1.6 million have tested positive in the U.S. Over 384,900 Americans have recovered and more than 14.9 million tests have been conducted.

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  1. Global: Total confirmed cases as of 11:00 p.m. ET: 5,589,626 — Total deaths: 350,453 — Total recoveries — 2,286,956Map.
  2. U.S.: Total confirmed cases as of 11:00 p.m. ET: 1,680,913 — Total deaths: 98,913 — Total recoveries: 384,902 — Total tested: 14,907,041Map.
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World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

There are no COVID-19 patients in hospital in New Zealand, which reported just 21 active cases after days of zero new infections. A top NZ health official said Tuesday he's "confident we have broken the chain of domestic transmission."

By the numbers: Almost 5.5 million people have tested positive for the novel coronavirus as of Tuesday, and more than 2.2 million have recovered. The U.S. has reported the most cases in the world (over 1.6 million from 14.9 million tests).