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Tesla aims to calm fears over Model 3 production

Tesla aims to calm fears over Model 3 production

Demand for the most affordable Tesla was huge, with hundreds of thousands of people putting down a $1,000 deposit to be among the first to own the electric auto. The company claims foot traffic for the Model 3 is boosting sales of its premium cars, as well as solar panels and battery packs, rather than cannibalizing demand for its high-end products as feared. It just announced quarterly losses of $675 million.

Compensation for Musk, 46, will be based on a new 10-year performance stock award that could give him billions worth of company shares, or nothing at all if the company fails to meet its targets. If they purchased the more expensive version with an upgraded battery, they are told they will have the vehicle by late 2018 while those that purchased the standard Model 3 will have to wait until 2019. In a recent conference call, Musk revealed that Tesla plans to massively scale its ability to manufacture the Semi during the next five years. Notably, they predict operating income will become "sustainably positive" at some point this year and that production of Model 3, as well as the S and X crossover, will continue to grow.

The company stuck with its production guidance for the Model 3, nominally priced from $35,000, to reach 2,500 units a week by the end of the first quarter, and then 5,000 a week at the end of the second quarter. AdWeek reports Tesla often focuses on unconventional forms of advertising, such as a contest where fans could make and share their own Tesla ads.

In the quarter, Tesla delivered 29,967 vehicles including 1,542 Model 3 vehicles. The convertible, with a dummy in a space suit at its wheel, is now heading toward an asteroid belt between Mars and Jupiter.

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As the competition is still nowhere near to selling a Model 3 alternative, Tesla still has time. The package requires Tesla, which is worth a little less than $60 billion now, to grow in $50 billion leaps to a staggering $650 billion market capitalization over the next decade. If it does, the package could vault him into the ranks of the world's richest people.

"That seemed extremely boring", said Musk of settling for concrete or steel blocks.

"Jon is a world-class leader who brings deep experience as a highly successful entrepreneur and executive", Lyft CEO Logan Green said in an emailed statement. All that costs money, which Tesla is burning through at a fast clip. The report also notes the Roadster on board the rocket is Musk's own auto.