After several delays, Model 3's weekly production is now at 3,500 units. In response, Tesla shareholders opted to keep Elon Musk as chairman of the board.
Talks Of Leadership Changes
Prior to the announcement, there were rumors that the company shareholders will remove Musk as Chairman of the board. Furthermore, the group likewise opted to reelect three more board members: Kimbal Musk, James Murdoch, and Antonio Gracias.
It seems that the talks about the possibility of Musk's removal were brought upon by reports of production delays of its newest vehicle. The CEO admitted that the automation of most of the manufacturing process early this year was a big mistake, which led to even more delays.
"Yes, excessive automation at Tesla was a mistake. To be precise, my mistake. Humans are underrated," Musk explained in a tweet back in April.
On Track To Meet Targets
Elon Musk estimates that the production lines can now complete 500 units of the Tesla Model 3 each day, which adds up to a weekly output of 3,500 vehicles. During the shareholder meeting, the CEO shared the news that he expects the company to meet its June target of 5,000 units every week.
A couple of months ago, shareholders received news that the company failed to meet its weekly targets. Sources revealed that there were bottlenecks in factories that churn out the batteries used by Tesla vehicles, hence the delays. However, it looks like all of the production line issues have been addressed.
"This is the most excruciating, hellish, several months that I've ever had," reveals Musk "And a lot of other people at Tesla. But I think we're getting there," he added.
Debunking Refund Rumors
The company notes that the production numbers they are talking about are for the premium version of the Model 3, which comes with a higher capacity battery pack for long range driving. Features also include an all-wheel drive and other upgrade packages.
This means that the entry-level version of the vehicle will hit production early next year. There are about 450,000 buyers who placed a reservation for the cheaper variant of the car. Due to the announcements of several delays, rumors began to circulate that around 23 percent of the buyers requested for a refund.
Meanwhile, Tesla claims that those are nothing but rumors and that it is ready to reveal another new offering, the Model Y SUV. Last month, Elon Musk teased everyone by posting a tweet suggesting a March 15 reveal date for the upcoming model.
