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Tesla is serious about a possible record quarter, not so serious about a submarine car

(Reuters) - Tesla Inc has "a decent shot at a record quarter on every level", Chief Executive Officer Elon Musk said at the company's annual shareholder meeting on Tuesday, soothing concerns about weak demand for the electric car maker's sedans. Tesla's stock rose 3.6% to $225 in extended trading, and Musk also said the company was on track to hit its volume production goal by the end of this year. Musk was treated as a star by investors at the annual meeting, receiving applause as he laid out plans for global expansion and going so far as to tell an inquiring investor that Tesla engineers "actually have a design for a submarine car". Tesla previously said it plans to deliver 90,000 to 100,000 vehicles to customers in the second quarter versus 63,000 vehicles in the first, and is aiming to deliver 360,000 to 400,000 vehicles in 2019. But ramping production strains finances, and Tesla is increasing output at its U.S. factory, launching production in China, overhauling its U.S. retail and service operations and developing new models.

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