Tesla deliveries will increase 30% to 40% in 2020

Tesla deliveries will increase 30% to 40% in 2020

Drew Baglino, SVP for Powertrain and Energy Engineering at Tesla and CEO Elon Musk, at the company’s “Battery of the Day” event in September 2020.

Tesla CEO Elon Musk said at the annual shareholders’ meeting for 2020 and the presentation of the battery that he expects vehicle deliveries to increase by 30 to 40% compared to last year, when the company reported traditions 367,500 vehicles. That means deliveries between 477,750 and 514,500 cars, a range that includes the 500,000 cars the company had previously said it would deliver this year.

Musk told Tesla owners about word of mouth marketing to potential Tesla owners:

“In 2019, we had 50% growth. And I think we will do very well in 2020, probably somewhere between 30 and 40 percent growth, despite a lot of very difficult conditions. I mean there are so many – you know, pandemic, fires. There is like but thanks to the hard work of the Tesla team and many innovative approaches to solving problems, we can still see significant growth in one of the most difficult; in fact, I say perhaps the most difficult year of its existence. of Tesla. “

Musk also triggered upcoming updates to the company’s automated driving systems, which were released as a “Full Self Driving” option for $ 8,000.

Due in part to Covid-19 health orders limiting the size of personal concentrations, Tesla has postponed its annual meeting from July to September 22, 2020 this year. The company had previously held shareholder meetings at the Museum of Computer History in Mountain View, California, but moved it to Fremont, home to the US vehicle assembly plant. The shareholders parked and sat in their cars at the meeting, which Musk described as a “drive-in”.

Al Prescott, Tesla’s legal representative, at the company’s shareholders meeting at social distance in 2020, as participants listen in their cars.

The shareholders’ meeting comes in conjunction with a “battery of the day” presentation, where Tesla is expected to unveil specifications for at least one new type of battery cell it has developed, and an ambitious start date for building its own scale cells.

However, on Monday, Musk warned that advances were announced on battery day they will not find their way into mass production by 2021, sending the company stock about 6% before the event on Tuesday.

Those wishing to attend had to obtain a winning lottery ticket (or other special access) to the meeting. Alternatively, shareholders could link to a site to ask questions that need to be answered during the live event.

Since the last shareholders’ meeting in June 2019, Tesla’s long-term CTO JB Straubel has resigned from the company. He worked there from the beginning, even before Musk took over as CEO in 2008.

Tesla has also appointed a new board member, Hiromichi Mizuno, a former Investment Fund Director at the Government of Japan, and a renowned shorts critic. Elon Musk’s longtime partner and supporter, venture capitalist Steve Jurvetson, is leaving Tesla’s board of directors, although he remains on Musk’s board of directors, SpaceX.

The other board members at Tesla were authorized a division of shares five to one, which the company implemented in August this year. The split followed four consecutive quarters of reported profits for Tesla and a season in which Musk clashed with California health authorities over Covid-19 restrictions that temporarily shut down their Fremont vehicle assembly plant.

The separation of shares also followed one huge payment to Musk, part of the unprecedented compensation package.

Expecting Tesla to talk about where metals come from for batteries and to promote battery technology suitable for Semi and Cybertruck vehicles, Cannacord Genuity analyst Jed Dorsheimer wrote in a note to investors before the meeting:

“The big question will follow. It is one thing to announce all these discoveries, which may be great for momentum algorithms, but like most TSLA things, the devil will be in the details, which unfortunately will take some time for to play “

Cannacord maintains a “Hold” rating and a price target of $ 442 for Tesla shares at present.

The shares of the electric car industry are over 400% per year.

This is a growing story, check back for updates.

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