Tesla compact hatchback to launch within five years

Tesla’s Gigafactory production facility in Nevada will be expanded over the next five years and will be “by far the biggest building in the world”, Musk said.

More Gigafactories have already been confirmed, with the next to be built in Shanghai. Tesla sales boss Robin Ren said that plans for the Shanghai plant are moving ahead, as the brand continues talks with the Chinese government. Future Gigafactories will not only produce battery packs but handle full vehicle, powertrain and battery pack production, Musk explained. An announcement about the Shanghai Gigafactory is imminent, Ren added.

What won’t be built at those Gigafactories, is a Tesla motorcycle. Despite ventures into passenger and commercial vehicles, Musk said a motorbike accident in his youth has discouraged him from developing a two-wheeler with a Tesla badge.

Musk retains control

At the event Musk faced a challenge for his position as chairman. An investor proposed stripping Musk of his role as Tesla chairman, to separate the role from the chief executive job Musk also holds. The proposal was voted down, meaning Musk will continue as the firm's chairman and chief executive.

Some investors have been troubled by the company's continued struggle to increase production of the Model 3. A proposal by an investment group to reject three Tesla directors, including Elon Musk's brother Kimbal, that it claimed lacked qualifications or independence, was also rejected.

Keywaylock
14/02/2022
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