Tesla gets a boost after Elon Musk says it should meet its Model 3 production goal this month

Tesla

Tesla CEO Elon Musk speaks on stage at the company's annual meeting in California on Tuesday.

• Tesla rose as much as 4% Wednesday following the company's annual meeting.
• CEO Elon Musk said the electric-car maker should reach its goal of producing 5,000 Model 3s per week by the end of June.
• He also gave updates on a slew of other products, and announced a new factory in Shanghai.
• Follow Tesla's stock price in real-time here.

Tesla climbed as much as 4% in early trading Wednesday following the company's annual shareholder meeting in California.

On stage, a visibly emotional Elon Musk, founder and CEO of the electric carmaker, said the company will likely reach its goal of producing 5,000 Model 3 sedans "by the end of this month."

Musk, who will retain his two jobs of board chairman and CEO after shareholders voted to reaffirm his role, also announced a new factory in Shanghai, which will assemble both batteries and vehicles.

Here are the other announcements form the meeting:

• Tesla aims to reveal the Model Y next March and will likely go into production in early 2020.
• The Semi, Tesla's electric heavy-duty hauler, will go into production in 2020 and it will be slightly different than what was revealed in 2017 because the company has made improvements.
• The Tesla Roadster will follow the same timeline for production and will have a SpaceX option package available.
• Tesla expects to make 5,000 of its Model 3 cars per week by the end of this month.

Model 3 production issues have weighed on Tesla's stock price for months. Shares are down 5.3% this year as questions remain of Tesla's ability to reach production of 5,000 vehicles per week.

Wall Street is cautiously optimistic with an average price target of $316, about 9% above where shares are set to open Wednesday, but thinks the company will need to raise more cash.

"This is like ... the most excruciating, hellish several months I've maybe ever had," Musk told shareholders. "But I think we're getting there."

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