Tesla will be making 5,000 Model 3s a week before the month is out, says Elon Musk
The company has also named Shanghai as the location for its Chinese Gigafactory, the first outside the US
San Francisco — Tesla CEO Elon Musk says building 5,000 Model 3s a week by the end of June is "quite likely", as the company’s production lines are now demonstrating the ability to make 3,500 vehicles a week. "This is the most excruciating, hellish several months I’ve ever had … but I think we’re getting there," Musk said during Tesla’s annual meeting of stockholders in Mountain View, California, on Tuesday. Separately, the car maker also announced Shanghai as the location of its planned Chinese manufacturing facility — its first gigafactory outside the US. Musk’s comments came after shareholders re-elected three directors and voted against a proposal to wrest the chairman role from Musk. That had represented the strongest challenge yet to Musk’s grip on the Silicon Valley electric vehicle maker, which also faces production setbacks and the expectation by many analysts that it will need to raise new cash. Norway’s $1-trillion wealth fund, Norges Bank Investment Management, said on W...
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