Elon Musk Just Revealed More Details About Two New Tesla Models

Tesla riding high as it hosts its annual shareholders' meeting Tuesday.

Tesla shares are up 55% in the previous year - and 98% in the last six months - surpassing GM and Ford in market value, despite comparatively miniscule sales and no profits.

Tesla opened up pre-orders for the Model 3, its first mass market vehicle, more than a year ago, but the delivery estimate for reservations is now "mid 2018 or later".

However, the CEO kept the air of mystery intact and mentioned that more information on the project will be revealed at the upcoming reveal of its all-electric semi truck. Or, as Musk put it at the hour-long meeting, "Tesla's like a drama magnet".

Buyers of Tesla's upcoming Model 3 auto will only get two choices in configuration, a policy that will let the company quickly ramp up production of its mass-market vehicle, Chief Executive Elon Musk told investors on Tuesday.

But the company is not without its challenges.

Here are three issues Musk addressed at the meeting.

The proposal was put forth by CT pension funds that had been critical of the board being comprised nearly entirely of directors who are personally or professionally tied to Musk.

Later on, those who opt for the dual-motor and Performance versions will have access to a richer selection of options, but Musk says these won't become available sooner than the end of this year, but most likely the start of 2018. The six other directors include his younger brother Kimbal Musk, a food entrepreneur; Antonio Gracias, the founder of a private equity firm; Ira Ehrenpreis, a venture capitalist; Brad Buss, the former chief financial officer of SolarCity, which Tesla acquired last fall; Steve Jurvetson, a venture investor; and Robyn Denholm, the only woman and COO of Telstra Australia. Tesla operates a design center in Hawthorne, which is also home to Musk's SpaceX aerospace company. Official results of the vote will be released within a few days, the company said.

Despite previous rumours that the Model Y would be built on an adapted version of the forthcoming Model 3's architecture, CEO Elon Musk is now suggesting the SUV will use totally new underpinnings developed specifically for this auto. A back-of-the-envelope calculation indicates the number could be close to 500,000. But as production accelerates later this year and into 2018, additional configurations will open up. As with numerous things Tesla does, this flies in the face of auto industry convention, where platform sharing among different vehicle types is a common cost-saving measure.

These models will be followed by "an electric cargo van, pick-up and minibus", according to Autocar, all of which will be built on the Model X's production platform.

Elon Musk has revealed the first photo of Tesla's upcoming Model Y.

In the past, Musk has claimed that just "four or five" factories could equal the capacity of all of Ford's total manufacturing plants, which roll out over 6 million vehicles per year. The list ranks companies by revenue, and Tesla pulled in $7 billion in 2016. The silhouette looks similar to the Model 3 front angle. "There's 10,000 unique items, and it only moves as fast as the slowest item".

The Model 3 isn't even out yet and the public hasn't even seen it yet.

Contrary to the earlier reports, the Model Y will have an entirely new chassis and wouldn't share platform with Model 3. That leaves many potential owners miles away from a service center. But that's changing, The Seattle Times points out. We got overconfident and created something great that probably will never be made again. But, the chief executive is now adamant about changing the core platform to build out an electric vehicle like 'a auto has never been built before'.

Automotive competitors like Mercedes and Volvo — not to mention tech companies like Google and Uber — can also match Tesla's efforts to develop self-driving vehicles. And they have deeper pockets.

The teaser images was presented at Tesla's shareholder press conference in Mountain View, California, on Tuesday.

Elon Musk has said that the Tesla Model Y will be on roads in 2019.

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