Tesla Motors Inc (TSLA): Shareholder Meeting Paints Optimistic Picture

tesla motorsTesla Motors Inc (NASDAQ:TSLA) held its annual shareholder meeting last Tuesday, June 3, 2014, in Mountain View, California.

CEO Elon Musk started his presentation by saying it’s been a great year.

By now, 344 million miles have been driven in Tesla cars, with an extraordinary safety record — not a single serious permanent injury.

There are 126 retail stores around the world, from China to Norway, 77 service centers, and plans to double the number of supercharger stations by the end of the year.

Musk said he wanted Tesla cars to give people joy.

Watch the video for more details:

He said new software would be coming soon that would personalize and customize the driving and navigation experience.

He expects to steadily ramp up production and also to enter new markets.

Gross margin per car sold has been improving.

Musk said that Tesla’s goal of having the gigafactories produce a 30 percent reduction in battery cost is “probably conservative.”

Tesla is having daily meetings with its gigafactory partner, Panasonic (OTC: PCRFY).

The design of the Model X is taking longer than expected, due, in part, to difficulties with the falcon-wing doors.

The Model X is expected to reach volume production in the second quarter of next year.

In answering questions, Musk said that the decision to name the third-generation car the “Model E” originally started as a joke.

They had the “S” car and the “X” car, so adding on an “E” car would spell S-E-X. The idea unexpectedly stuck.

However, Ford threatened to sue for trademark infringement. (“Ford is killing sex,” Musk joked.) So plans to use the “Model E” name were abandoned.

They have several other ideas in progress.

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