Tesla’s annual shareholder meeting was held In San Jose on Tuesday, amidst critics’ suspicion of declassification of company directors. The event was closely watched by many who wanted to know about Tesla’s new model Y. Elon Musk, CEO, stole the show by announcing major news, keeping it low on shock value and even explaining his Twitter behavior. Here are three things that happened at the meeting.
Model Y- First Look
In 2015, Musk talked about a crossover-SUV by the company in a tweet that he deleted shortly after. Since then, electric car enthusiasts and industry experts have been waiting for the Model Y to make its first appearance. Musk only have a glimpse of this all electric SUV in the shareholder meeting. This crossover vehicle will be bigger than Model 3 but smaller than Model X. Last month, Musk commented that the car will have much less wiring. With a new battery architecture, Tesla also says goodbye to the standard 12-volt battery.
The Model Y is slated for a 2019 launch and it could be a completely new project for the company. For instance, the car is being built on a revamped vehicle architecture platform. It was widely assumed that Model 3’s platform will be used for building the new car. Musk had previously said that there will be ‘major manufacturing improvements’ in the Model Y.
The Hush-Hush About Model 3
While Model Y will be releasing 2 years later, there was more buzz about it than the summer release of Model 3. This car is designed to bring a more universal appeal to Tesla cars. Musk mentioned little about the car, saying that the configurators will be live by the end of the June. Customers who have preordered the car will be getting the configurators as soon as the Model 3 starts shipping.
Musk took the responsibility for making Model X too complicated. He said that the initial configurations of the Model 3 will be kept very simple. The customers will only get to choose the wheel type and color of the car.
Musk said, “I should say that we’ve kept the initial configurations of the Model 3 very simple. A big mistake we made with the X, which is primarily my responsibility.” He went ahead to say, “there was way too much complexity right at the beginning. That was very foolish.”
No Director Declassification for Tesla (NASDAQ: TSLA)
In the meeting, the shareholders voted against declassification of directors of the company. While critics have been suspicious about this move by the company, the shareholders decided otherwise. This means that the directors do not have to opt for elections every year and will be seated on the board for 3 years.
Musk also commented on his Twitter rants, saying that he ‘sometimes goes crazy’.
Anthony Young
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