Tesla Motors Inc CEO Elon Musk To Retain Post For 4+ Years

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Tesla Motors Inc CEO Elon Musk To Retain Post For 4+ Years
Blomst / Pixabay

Some have speculated that serial entrepreneur Elon Musk would leave Tesla Motors Inc (NASDAQ:TSLA) sooner rather than later, but it looks like they’re wrong. Speaking at the automaker’s annual meeting today, Musk reportedly said he will remain CEO of Tesla for at least the next four or five years.

Musk updates Tesla’s numbers

Musk’s commitment means that he will stay with Tesla Motors Inc (NASDAQ:TSLA) at least through the beginning of volume production for their Generation III mass market vehicle.

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Today at the meeting, the Tesla Motors Inc (NASDAQ:TSLA) CEO also reminded investors that they began delivering Model S sedans to the U.K. this week. He also reiterated their 28% gross margin target, which they aim to achieve by the end of the year.

Musk updates Tesla’s gigafactory plans

Elon Musk also said they’re “getting quite advanced,” speaking of their plans for the gigafactory. He said their current battery cell supplier, Panasonic, is becoming more comfortable with their plans to cut costs. Tesla Motors Inc (NASDAQ:TSLA) aims to slash the cost of its batteries by more than 30%, and Musk is still confident that they can achieve that target. In fact, he thinks that percentage may even be too conservative.

Musk also said that they won’t be choosing the final location for their gigafactory until the end of this year. Previously, he had said that Tesla Motors Inc (NASDAQ:TSLA) will break ground on two different sites to ensure that construction for the facility remains on schedule. At today’s meeting, he expanded his previous comment, saying that they will seek approvals and actually put down foundations at locations in up to three states before they make their final selection on which site will actually become home to the gigafactory.

Last month, Tesla Motors Inc (NASDAQ:TSLA) said that it was still considering locations in up to five states. Competition to lure the automaker in is going hot and heavy among the states that are being considered. Tesla has said it expects to create up to 6,500 jobs and invest $5 billion into the facility.

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