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Good morning from the newsroom of the Financial Times.

Today is Wednesday, June 12th, and this is your FT news briefing.

Elon Musk is brushing off Wall Street's concerns over demand for Tesla's Model 3.

Royal Dutch Shell is scaling back its ridehailing plans,

and the British government is eyeing new powers that would let it block companies from the London Stock Exchange on national security grounds.

Plus, the F.T.'s Jonathan E. Lee unpacks the drama between retail group Arcadia and its creditors ahead of a key meeting

today. I'm Mark Filipino and here's the news you need to start your day. Elon Musk says there's no reason to be concerned over demand for Tesla's Model 3.

I want to be clear if there is not a demand problem.

Sales have far exceeded production.

And production's been pretty good.

That was Tesla's chief executive at the Electric Carmakers annual shareholder meeting in Mountain

View, California yesterday.

Mr. Musk also indicated that most of the orders for the Model 3 were coming from a new set of customers.

Tesla vehicle deliveries slumped by more than a third in the first quarter of this year.

That prompted investors to worry about weakening demand.

But on Tuesday, Mr. Musk said that in the three-month period that ends on June 30th,

Tesla has a quote, decent shot at a record quarter on every level. But Mr. Musk didn't specify any

particular records he thought Tesla would break with its second quarter results. Tesla shares were up as much as 4% in after hours trading.

Oil and gas giant Royal Dutch Shell dipped its toes in the ridehailing game last year as it

tested out a service in London.

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