Elon Musk, founder of SpaceX, is in a post-launch news conference after the launch of the SpaceX Falcon 9 rocket from the Kennedy Space Center in Cape Canaveral, Florida, in March. 2, 2019.
Mike Black | Reuters
Tesla CEO Elon Musk said at the company’s 2020 annual shareholder meeting and battery day presentation that they expect vehicle deliveries to increase by 30 to 40 percent over last year, when the company recorded 367,500 vehicles. This has led to the delivery of 477,750 and 514,500 cars, including 500,000 cars in the range it has said it will deliver this year.
According to Kasturi, Tesla owners are looking to potential Tesla owners for their word-of-mouth marketing:
“In 2019, we had a 0% growth. And I think we’re going to do really well in 2020 between 30 and 40 per cent growth, despite very difficult circumstances. I mean there’s a lot – you know, Epidemics are like difficult operation issues.But thanks to the hard work of the Tesla team and many innovative approaches to tackling the issues, we are still able to see significant growth in one of the most difficult … In fact, I would say the most difficult year of Tesla’s existence . “
Kasturi also annoyed the upcoming updates to the company’s automatic driving systems, which have been marketed as a “full self-driving” option for 8,000.
Partly due to the Covid-19 health commands that limit the size of individual face-to-face meetings, Tesla postponed its annual meeting from July to September 22, 2020 this year. The company previously held its shareholder meetings at the Computer History Museum in Mountain View, California but moved it to Fremont, where its U.S. vehicle assembly plant is based. Shareholders parked and sat in their cars at the meeting, which Musk described as “drive-in.”
At the company’s social distance from the 2020 shareholders ’meeting, Tesla’s legitimate VP Al Prescott, attendees will hear in his car.
The shareholder meeting is being met with the introduction of “Battery Day”, where Tesla is expected to announce specifications for at least one new type of battery cell to be developed, and an important start date scale for the production of its own cells.
However, on Monday, Musk warned that the advances announced on Battery Day would not enter mass production until 2021, with shares of the company moving up about 6% ahead of Tuesday’s event.
Those who wished to attend had to obtain a winning lottery-style ticket (or other special access) to the meeting. Otherwise, shareholders could log in to the website to ask questions to answer during the live-stream event.
Since its last shareholder meeting in June 2019, Tesla’s longtime CTO JB Strobel has resigned from the company. He worked there from the beginning, even before Musk took over the reins of CEO in 2008.
Tesla also appointed a new board member, Hiromichi Mizuno, formerly chief investment officer of the Japanese government’s pension investment fund, and a prominent critic of shortsellers. Elon Musk’s longtime collaborator and proponent, venture capitalist Steve Jurvetson, is also leaving the Tesla board, although he is still sitting on the board of Musk’s aerospace venture, SpaceX.
The remaining board members at Tesla authorized a five-for-one stock split, which the company implemented in August this year. The split followed for four consecutive quarters of profitability for Tesla, and a season where Musk clashed with health officials in California over Covid-19 sanctions that temporarily shut down their vehicle assembly plant in Fremont.
The stock split was also part of its unprecedented return package after heavy payments made to Musk.
Tesla expects to talk about where to find the metals for its batteries, and to promote proper battery tech for semi- and cybertruck vehicles, Cancord Genuity analyst Jade Dorsheimer wrote in a note to investors before the meeting:
“The big question will follow. Announcing all these advances is one thing, which may be excellent for the algorithms of velocity, but most things, like TSLA, will be in the devil’s details, which will unfortunately take some time to play out.”
Canacord currently maintains a “hold” rating on Tesla stocks and a target of 2,442.
Shares of the electric car maker are up 400% year-over-year.
This is a developing story, please check back for updates.
.
