Musk's "single, immaterial" tweet to his more than 24 million Twitter followers claiming the electric vehicle-maker would produce around 500,000 cars in 2019 also complied with company's communication policy for senior executives, a condition of the settlement, lawyers for the Tesla chief wrote in a filing in federal court in Manhattan.
Tesla is set to unveil the Model Y on March 14 at the Los Angeles Design Studio. "Model Y, being an SUV, is about 10% bigger than Model 3, so will cost about 10% more & have slightly less range for same battery", the CEO said. Since the SUV will be built using a majority of the Model 3's existing parts, that could make it easier for Tesla to get some production-ready vehicles out the door more quickly.
FILE PHOTO: SpaceX founder Elon Musk looks on at a post-launch news conference after the SpaceX Falcon 9 rocket, carrying the Crew Dragon spacecraft, lifted off on an uncrewed test flight to the International Space Station from the Kennedy Space Center in Cape Canaveral, Florida, U.S., March 2, 2019. Recent price cuts have prompted concerns about demand for Tesla's vehicles.
This abrupt pricing reversal follows reports out of China according to which outraged Tesla owners were protesting the lower prices. The Model 3 sedan will be Tesla's first vehicle to support the faster charging speeds, Tesla says. There will be no price increase to the $35,000 Model 3.
Can the Model Y live up to the hype? Tesla says it will accelerate V3 Supercharger installation in "Q2 and Q3", so you might see one sooner than you think.
In addition, Musk expects significant synergies from building the Model Y on the Model 3 platform.
Earlier this month, Tesla announced plans to close a large number of its retail stores, hoping that shifting sales online, alongside other cost efficiencies, will enable the firm to lower all vehicle prices by approximately 6%. In a shareholder's letter from Q4 of 2018, Musk says the company would be gearing up for Model Y production and would reach volume production "by the end of 2020, most likely at Gigafactory 1".
Stated simply, Tesla has now gone back on all of the major business model changes it made just about two weeks ago, further exposing a company that can only be described as in the midst of anarchy.