Tesla (TSLA 305.72, +14.59, +5.01%) is trading higher following its Annual General Meeting last night where CEO Elon Musk maintained his Chairman role in a shareholder vote, reiterated near term guidance, and discussed future plans for his clean energy transportation company.
Elon Musk said it is quite likely that the company can hit its target for producing 5K Model 3 electric vehicles per week by the end of the month. Tesla recently added a third general assembly line to ease bottlenecks. The all-wheel drive version of the Model 3 will start being produced next month and the smaller battery option that starts at $35,000 will likely start being produced in earnest early next year.
Elon Musk also reiterated guidance for positive GAAP net income and cash flow in Q3 and Q4 of this year.
Elon Musk also teased a sketch of the Model Y crossover sport utility version of the Model 3. The design of the Model Y will be unveiled in March next year and production will start in the first half of 2020. Elon Musk previously admitted to trying to automate too much in the Model 3 but is upbeat about lessons learned to apply to Model Y production.
Tesla said it will announce plans for a Gigafactory in Shanghai, China in the coming months and in Europe later this year.
A shareholder vote to separate the CEO and Chairman roles was defeated and other Directors including Elon Musk's brother Kimball Musk retained their roles on the Board.
A capital raise would likely ease investor concerns over the balance sheet but that is not in Tesla's near-term plans.
The stock is back testing the $300 level premarket which has proved to be an important level of support/resistance on the chart.