Tesla Model 3

Originally posted by birdman29 ↑

Elon Musk Greed Killing Telsa

June 10, 2018

*** Days after some shareholders said the time has come to oust the CEO of Tesla, Elon Musk faces yet another challenge. A new lawsuit filed in the Delaware Court of Chancery and unsealed on Thursday accuses Musk of swindling the company with his unprecedented $2.6 billion award, recently approved by shareholders, and calls for the removal of the board and the appointment of new directors to better reflect the interests of the shareholders.
“The new E. Musk compensation plan is so large it dwarfs the pay package of every other public company CEO,” the motion submitted by Richard Tornetta states.

*** Tesla’s legal woes have been piling up as the company is going through a rough patch, failing to produce a quarter of the target of 400,000 Model 3 vehicles and accumulating over $2 billion in debt last year. The cost of the Model 3, which was once touted as a ‘mass-market’ car, meanwhile soared from $35,000 to $78,000.

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Tesla close to hitting a key Model 3 production goal -- but Elon Musk says the the process has been 'hellish'

Troy Wolverton
Jun 6, 2018, 9:32 AM

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Tesla expects to make 5,000 of its Model 3 cars in a week by the end of this month, company CEO Elon Musk said Tuesday.

That’s a key production target; the company, which is losing huge amounts of money, has said it won’t generate income until it hits that level.

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

Tesla is getting close to hitting a key production target, company CEO Elon Musk said at the electric car maker’s annual shareholder meeting on Tuesday.
After making improvements to the manufacturing lines that are building its Model 3 car, Tesla is ramping up production of the new mid-size car, Musk said. The company has already demonstrated the ability to make 500 cars a day, or 3,500 a week, and should able to boost production even further in coming weeks.
“I think it’s quite likely we’ll achieve a 5,000 car week by the end of this month,” Musk said.
That’s a key figure. Tesla, which has been bleeding massive amounts of cash, has previously said that it wouldn’t generate profits until it starts to make 5,000 Model 3s per week on a consistent basis. The company originally expected to hit that production target by the end of last year, but has repeatedly pushed it back.
That timeline is in line – or even a little ahead – of the company’s previous forecasts. In its first-quarter earnings report last month, for example, Tesla indicated that it would hit its 5,000-a-week goal by the beginning of July. It’s not clear if Tesla will be able to sustain that rate once it hits it, although the company expects to eventually greatly increase its production rate.
Musk acknowledged that the process of ramping up Model 3 production hasn’t been easy. Tesla has had to shut down its production lines for the new car at least twice to fix and upgrade them. And the company previously acknowledged it made mistakes initially in trying to automate too much of the manufacturing process of the Model 3.
“This is like … the most excruciating, hellish several months I’ve maybe ever had,” Musk said at the shareholder meeting. He continued: “But I think we’re getting there.”
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