Musk took a moment at the meeting to recognize that the range of electric cars being launched these days by other companies is not much more than that of the original 2012 Model S. To stay at the top of the market, Musk announced that Tesla is working on a model that will exceed 400 miles on a single charge.
After a hard loss-making first quarter that had Musk explaining the logistical challenges faced by the EV maker during the initial stages of the expansion of its "mass-market" Model 3 into China and European markets, the CEO was keen on Wednesday morning (Australian time) to assure shareholders that demand is not flagging. Rivals are stepping up efforts and Tesla continues to invest heavily in expansion.
Musk had made similar comments last month saying the company was on track to hit record deliveries in the second quarter.
Tesla previously said it plans to deliver 90,000 to 100,000 vehicles to customers in the second quarter versus 63,000 vehicles in the first.More news: French Open 2019: Rafael Nadal Wins His 12th Title at Roland Garros
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But ramping production strains finances, and Tesla is increasing output at its US factory, launching production in China, overhauling its USA retail and service operations and developing new models.
"It has been a hell of a year, but a lot of good things are happening", Musk said Tuesday during Tesla's annual meeting in Mountain View, California. To set manufacturing and sales records, Tesla will need to top its performance during the final three months of past year. Musk added that Tesla hopes to unveil the vehicle towards the end of this quarter.
Tesla is matching product rollout according to scaling of battery production; Musk said this is the limiting factor.
Musk has faced criticism about his outspoken nature, including Twitter use that led to a settlement with USA regulators, but shareholders rejected corporate governance proposals calling for reducing the terms of directors and eliminating some supermajority voting requirements.