Tesla Inc shares fell $1.54 (-0.44%) in premarket trading Wednesday.
Tesla already includes three all-electric variants in its portfolio - Model S, 3 and X, it is now planning to add Model Y to the said lineup. It'll be sized smaller than a Model X, but larger than the upcoming Model 3 sedan.
Musktoldshareholders that potential buyers were getting "closely" involved in the final stages of the design process to ensure that Tesla's electric semi will be "specified to their needs".
"Probably demand for Model Y will exceed the demand for Model 3", Musk said in a typically casual-yet-extravagant forecast.
Originally it was reported that the Model Y would share its platform with the Model 3, but instead Tesla has made a decision to base the Model Y on an entirely new platform.
"They want to know how many can they buy, and how soon", Musk said, to applause. Later, Tesla will allow buyers to customize Model 3 in multiple ways once the initial hype dies down and deliveries are done in time.
This year, he said the company is aiming to double the number of Tesla superchargers available across the world and then possibly double that number again the following year.
At Tesla's annual shareholderTesla - now in the business of making electric vehicles, batteries, and solar panels - is currently building its first gigafactory outside of Sparks, Nevada. Volkswagen plans more than 30 electric vehicles by 2025. And they have deeper pockets.
Since its June 2010 debut as a public company, Tesla has conducted 10 offerings of new equity or debt, according to data compiled by Bloomberg.
Morgan Stanley analyst Adam Jonas, who has a $305 price target on Tesla's stock, says investors need to consider whether Tesla should continue to operate as a stand-alone market disruptor or if it should merge with a bigger entity, like Apple.
The company's first mass-market vehicle, which could be priced from $35,000, has received enthusiastic response from buyers with hundreds of thousands of buyers reserving the auto with a $1,000 payment upfront.
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