While the vehicle wasn't needed - and may have been more of a PR boost to Tesla than anything else - it seems that Musk is confident in Tesla's ability to make vehicles for sea as well as land.
Then Tesla's production and sales slipped during the first three months of this year.
Musk said he does expect the company to be cash-flow positive.
Ninety percent of Tesla orders are new customers without a vehicle reservation. He said he hoped to have an investor day on batteries by the end of the year and emphasized that battery production was the key to vehicle production.
The price is a 12.5% premium over Tuesday's close and an increase of almost 40% from late May, when talks between the companies were first reported.
Tesla is matching product rollout according to scaling of battery production; Musk said this is the limiting factor.
Of the 31 analysts who cover the stock, only 12 now recommend buying Tesla shares, while another 12 have a "sell" rating.
Tesla's shares rose 3.4pc after hours on the presentation, which came after shareholders rejected two proposals created to give them more power including removing the requirement for a two-thirds vote on certain decisions and reducing the term served by directors.