Tesla Motors Inc (NASDAQ:TSLA) convened its 2015 annual shareholders meeting yesterday, June 9 at the Computer History Museum in Mountain View, California. The meeting provided CEO Elon Musk a chance to update shareholders about the direction of the company. Here’s what he told them.
Battery Swap is Dead on Arrival
Tesla’s Elon Musk had a splendid vision for the battery swap program that he announced and demonstrated in 2013. The battery swap program is supposed to take Tesla’s cars from zero-charge to maximum charge in practically the same time it takes you to get out of the car and stretch your legs. However, it seems that the battery swap program is dead on arrival. Musk revealed at the shareholders meeting that the battery pack feature has not impressed Model S owners in the tests.
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“It’s clearly not very popular… It’s just, people don’t care about pack swap… And based on what we’re seeing here, it’s unlikely to be something that’s worth expanding in the future, unless something changes.”
Autopilot should be Ready by the End of the Month
Apple, Google, Tesla are all in a race to deliver driverless cars sometime in the future. Tesla Motors appears to be ahead of the curve because it already has a radically different car on the road. Yesterday, Musk revealed that an autopilot feature would be available to customers in its public beta program by the end of June.
Elon Musk, who is testing latest versions of the autopilot feature every week, is confident that the software will soon be ready for delivery. However, the autopilot feature doesn’t yet allow you to enter your car, sleep, and wake up at your destination.
“This is not an abdication of responsibility for steering” and the driver is in charge of control of the car. Nonetheless, Tesla has hinted that it will have a fully autonomous system in the next three years.
Model X will be the Safest SUV in the World
The Model X has remained elusive on our roads since it was unveiled in 2013, but you should start seeing them in your neighborhood in the next four months. Musk says the Model X might be a better SUV than the Model S is a sedan because of the efforts being taken to deliver the ultimate electric SUV.
Musk confidently said that the Model X would be the safest SUV on the road because a heavy battery pack on the floor pan gives it a lower center of gravity than other SUVs. Tesla Motors is also working on perfecting features that people won’t generally notice in the car. To Elon Musk, the Model X has “got to be a genuine improvement in utility and aesthetics“.
Tesla Motors lost 0.11% to close at a $256.00 per share on Tuesday. We will see how the shares of the electric car company will fare in today’s session after investors have ruminated on the updates from the company.