In a vehicle production and delivery release, the company stated that net Model 3 reservations "remained stable" through the first quarter, and indicated that the cancellations were triggered by production and availability delays.
Tesla Inc. chief executive Elon Musk said on Tuesday that building 5,000 Model 3s per week by the end of June was "quite likely" as the company's production lines were now demonstrating the ability to make 3,500 vehicles per week.
Musk told shareholders that the Tesla Model Y would be unveiled in March 2019 with production in early 2020. "This puts Tesla roughly two years ahead of the competition when it comes to battery costs and technology", Korus said.
According to Tesla, the Model 3 has now become the best-selling mid-sized premium sedan.
"So, we're not going to do motorcycles", Musk said. Ordered today, wait times for Model 3s with the existing configuration would be three or four months, said Musk. CtW Investment Group, which works with union pension funds, had urged shareholders to vote against all three directors, arguing that issues including missed Model 3 production targets showed the board has been insufficient in governing Musk, 46, and the company. "At Tesla, we build our cars with love".
While no more details were offered, Musk used the meeting to announce a number of updates for Tesla's current and future range. "I kind of say when I think it can occur, but then I'm typically optimistic about these things".
There is also suggestion of a redesign of Tesla's upcoming Semi lorry. "Then I had a road bike until I was 17 and was nearly killed by a truck", Musk said. That had represented the strongest challenge yet to Musk's grip on the Silicon Valley electric vehicle maker, which also faces production setbacks and expectations by many analysts that it will need to raise new cash. The CEO made the claims after months of media reports about Tesla facing inspections by California's work-safety regulator and allegations that the company may have under-reported workplace injuries.