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Report: Tesla Misses Model 3 Car Production Target

In July 2018, Model 3 not only had the top market share position in its segment in the US, but it also outsold all other mid-sized premium sedans combined -- accounting for 52 per cent of the segment overall

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Tesla appoints Robyn Denholm to replace Musk as Chairman. Pixabay
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Despite Chairman and CEO Elon Musk claiming that Tesla will ramp up production of its Model 3 car to 6,000 units per week, the electric carmaker has reportedly missed the goal and made only 4,300 units in the last week of August.

“Tesla is on track for a production record this quarter but slightly behind its ambitious Model 3 goal,” the ELetrek reported late on Sunday.

Model 3 comes with a base price tag of $35,000.

“Based on the same reliable source familiar with Tesla’s production, the automaker built about 6,400 vehicles during the last week (last seven days) of August (from 24th to 31st midday) including about 4,300 Model 3 vehicles,” the report claimed.

Earlier in August, buoyed by the increased production of Model 3 cars, Tesla reported a revenue of $4 billion in the second quarter of 2018, with $2.2 billion in cash in hand.

Elon Musk
Elon Musk (Wikimedia Commons)

“We are proud of our team for producing roughly 7,000 Model 3, Model S and Model X vehicles during the last week of June.

“A total vehicle output of 7,000 vehicles per week, or 350,000 per year, should enable Tesla to become sustainably profitable for the first time in our history, and we expect to grow our production rate further in Q3,” Elon Musk, CEO Tesla, said in a statement.

In July 2018, Model 3 not only had the top market share position in its segment in the US, but it also outsold all other mid-sized premium sedans combined — accounting for 52 per cent of the segment overall.

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“Having achieved our 5,000 per week milestone, we will now continue to increase that further, with our aim to produce 6,000 Model 3 vehicles per week by late August.

“We aim to increase production to 10,000 Model 3s per week as fast as we can. We believe that the majority of Tesla’s production lines will be ready to produce at this rate by the end of 2018,” Musk said. (IANS)

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Robyn Denholm Replaces Elon Musk As Chairman Of Tesla

Musk accepted the deal with the SEC "without admitting or denying the allegations of the complaint", according to a court document.

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Tesla appoints Robyn Denholm to replace Musk as Chairman. Pixabay

 Electric car company Tesla on Thursday announced the appointment of Robyn Denholm, an executive at Australian firm Telstra, to become the Chair of the Tesla Board.

Denholm takes over the role from Elon Musk who agreed to step down as Chairman of Tesla for three years and pay a $20 million fine in a deal with the stock market regulatory authority, Securities and Exchange Commission (S.E.C.) to resolve securities fraud charges.

Musk will remain as Tesla’s chief executive.

“Robyn will be leaving her role as CFO and Head of Strategy at Telstra, Australia’s largest telecommunications company, once her six-month notice period with Telstra is complete. Robyn will be serving as Tesla Chair on a full-time basis,” Tesla said in a statement.

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A Telsa car recharges at a Tesla charging station in Charlotte, N.C. VOA

To ensure a smooth transition during the remainder of Robyn’s time at Telstra, Musk will be a resource to her and provide any support that she requests in her role as Chair.

“Robyn has extensive experience in both the tech and auto industries, and she has made significant contributions as a Tesla Board member over the past four years in helping us become a profitable company,” said Musk.

“I look forward to working even more closely with Robyn as we continue accelerating the advent of sustainable energy,” he added.

Denholm has served on the Tesla Board as an independent director since 2014.

Her global experience in both Australia and Silicon Valley encompasses leadership roles across a range of technology companies, including Telstra, Juniper Networks, and Sun Microsystems.

Tesla CEO Elon musk
Elon Musk agrees to step down as Chairman (VOA)

“I believe in this company, I believe in its mission and I look forward to helping Elon and the Tesla team achieve sustainable profitability and drive long-term shareholder value,” said Denholm.

The US SEC last month announced the deal with Tesla, after it sued Musk in federal court for misleading investors over his post on Twitter in August that he had “funding secured” for a buyout of the electric-car company at $420 a share, reports The New York Times.

Also Read: Elon Musk Shows a New Transportation System Being Developed Under LA

Musk accepted the deal with the SEC “without admitting or denying the allegations of the complaint”, according to a court document.

His tweet about taking his company private, along with attacks on critics on social media, raised concerns with investors about whether Musk has become too focused on criticism from so-called short-sellers who had been making bets against him and the company. (IANS)