Tesla Motors Inc (TSLA) CEO to stay for at least another 4-5 years

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Today Tesla Motors Inc (NASDAQ:TSLA) CEO Elon Musk participated in a Q&A session at the annual shareholder meeting in¬†Mountain View, California. Tesla’s stock surged throughout 2013, but has dropped around 20%.

 

Shareholders were curious to hear what Musk’s plans were for the long-term. Musk said that he was committed to stay at Tesla until production of the third generation launches. The third-generation Tesla vehicle will cost around $35,000 and will have a range of around 200 miles.

“Nobody is CEO of a company forever. Eventually they carry you out. In my case, it is quite difficult to be CEO of two companies,” said Musk. Musk is the CEO of both Tesla Motors and SpaceX.

Musk said that the “Gigafactory” will enable Tesla Motors to ramp up the production of the more affordable Tesla vehicle. Musk will not decide the final site selection of the Gigafactory until the end of the year.

What will the more affordable Tesla vehicle be called? Originally Tesla was planning on calling the vehicle the Model E, but Ford Motor Company made a legal threat if the electric vehicle company used that name.

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