Musk Says Tesla Plans to Build New Factory for Model Y Crossover
Musk Says Tesla Plans to Build New Factory for Model Y Crossover
This one analyst thinks Tesla shares have more room to run
08 June, 2017, 01:33
CEOElon Musk is also enticing fans with new vehicles, including a semi-truck it plans to show this fall. The motion, designed to create a more independent board, was rejected. It had to raise more than $1 billion earlier this year.
At Tesla's 2017 shareholders conference, Musk said that he was "really excited about Model Y" and is aiming for a 2019 launch date. The Model Y will be low-priced SUV equivalent to the Model 3.
Whether Tesla can meet those goals is an open question. Tesla's production volume is still slated to reach 500,000 vehicles a year in 2018, up from 84,000 in 2016.
Musk also specified that under the new platform for the Model Y, the company will not use the same 12-volt lead-acid battery to significantly reduce the amount of harnessing that goes between the battery and the powertrain.
But could the Model Y be a true evo auto? But no electric plane, yet. "There are a number of really major manufacturing improvements that can be done that allow us to build a vehicle in a way that a car's never been built before" via switching to a new platform, said Musk.
He also points to major manufacturing improvements that can be done, "that allow us to build a vehicle in a way that's never been built before". What's interesting about the upcoming Model Y is that Musk claims it will have its own platform architecture, rather than being based on the upcoming Model 3.
Musk told shareholders that Tesla has identified three more locations for gigafactories, and eventually plans to build 10 to 20 worldwide. Yup, a cargo-hauling, purely electric semi-truck will come from Silicon Valley.
Musk's estimate suggests an even greater backlog than expected.
One thing that potential Tesla Model 3 owners might want to take note of is the increased premium rates for the Model S and X vehicles when it comes to auto insurance, and there are no guarantees that national insurer AAA is going to stop there while bypassing the Model 3. The Nevada gigafactory is now devoted to producing only batteries.
With BMW developing an all-electric X3, it also only makes sense for Tesla to put something out to compete.
Tesla's shareholder meeting will take place at 5:30 p.m. ET Tuesday at the Computer History Museum in Mountain View, CA. Expect "an announcement later this year", he said, offering no detail.
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