Tesla reverts to using Model 3 platform for Model Y electric SUV

Tesla reverts to using Model 3 platform for Model Y electric SUV

Tesla reverts to using Model 3 platform for Model Y electric SUV

Tesla Inc's director of battery technology has left the company, the latest in a raft of management departures from the automaker introducing its new Model 3 electric vehicle.

On a conference call with analysts and media, Musk said, "This is maybe the best I've ever felt about Tesla, to be frank". The company previously confirmed that it has another crossover in the pipeline called the Model Y. Tesla has now said that it's working hard to launch the Model Y earlier than previously planned. Kelty led negotiations with Panasonic on that plant, according to his LinkedIn profile.

Tesla said it has completed the first installations of the Solar Roof. Kelty couldn't immediately be reached for comment.

Since the start of the year, Tesla shares have gained 52%, as investors anticipate the launch of its first auto for a more mainstream consumer.

To bring the electric vehicle to the mainstream market, the company is planning a Model 3 production ramp: In August, 100 more of the battery-sedan will be built, followed by 150 in September. Musk said Tesla is still seeing strong demand for the Model S sedan and Model X SUV, with deliveries of 22,026 vehicles in the second quarter. Tesla has said it expects to build around 500,000 vehicles in 2018 to meet demand for the Model 3. Musk said Tesla may experience some fluctuations in production rates, but "people should have zero concerns".

Tesla's stock rallied 6 percent at the market open Thursday after the electric vehicle maker posted a narrower-than-expected second-quarter loss Wednesday.

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The prospective customer's placing the order for Model 3 today will not get the order before the end of next year (2018).

Tesla's reported that the combined sales of its Model S and Model X grew 52% from the year-ago period.

Tesla forecast spending $2 billion in capital expenditures in the second half of the year, up from $1.5 billion in the first six months of the year. And countries like Norway now has so many Teslas and the government help people to adapt the new electric vehicle concept.

But after a $3,000 price drop today, the Model X 75D now starts at $79,500 with the standard 5-seat configuration or exactly $5,000 more than a Model S with similar options.

Musk went on to explain that he was a "fool" for wanting to use a new platform for the Model Y, and that sticking with the Model 3 platform would reduce the risk of problems arising during its development and production.

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