Tesla surges after Elon Musk says it should meet its Model 3 production goal this month

  • Tesla rose more than 10% Wednesday following the company’s annual meeting.
  • CEO Elon Musk said the electric-car maker should reach its goal of producing 5,000 Model 3s per week by the end of June.
  • He also gave updates on a slew of other products, and announced a new factory in Shanghai.
  • Follow Tesla’s stock price in real-time here.

Tesla climbed as much as 10% in trading Wednesday following the company’s annual shareholder meeting in California.

On stage, a visibly emotional Elon Musk, founder and CEO of the electric carmaker, said the company will likely reach its goal of producing 5,000 Model 3 sedans “by the end of this month.”

Musk, who will retain his two jobs of board chairman and CEO after shareholders voted to reaffirm his role, also announced a new factory in Shanghai, which will assemble both batteries and vehicles.

Here are the other announcements form the meeting:

Model 3 production issues have weighed on Tesla’s stock price for months. Shares are down 5.3% this year as questions remain of Tesla’s ability to reach production of 5,000 vehicles per week.

Wall Street is cautiously optimistic with an average price target of $US316, about 9% above where shares are set to open Wednesday, but thinks the company will need to raise more cash.

“This is like … the most excruciating, hellish several months I’ve maybe ever had,” Musk told shareholders. “But I think we’re getting there.”

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