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Elon Musk remains chairman of Tesla's board of directors

07 June 2018
Elon Musk remains chairman of Tesla's board of directors

The results of the vote were announced at Tesla's annual shareholder meeting, which was held in Mountain View, California. "We just did a big set of upgrades, and it's quite likely that we will achieve a 5,000 vehicle a week (production rate) by the end of this month", Musk said.

In April shareholder Jing Zhao tabled the suggestion to split the chairman and chief executive position, while also saying that Musk's involvement with SpaceX and the Boring Company could create possible sources of conflicts for Tesla down the road.

Norway's $1 trillion wealth fund said on Wednesday it had backed an initiative to wrest the role of chairman away from Tesla Chief Executive Elon Musk.

This was in spite of some stakeholders raising concern that a board with these directors lacked independence. When asked about a question about whether Tesla has any plans of making electric motorcycles, Musk categorically said that it's not going to happen.

Not one to pause and take stock, Elon Musk is already teasing what comes next, and therefore we've got a new concept image of the Model Y to look at.

"We made a lot of mistakes with Model 3 production, but we are addressing them", Musk said at the shareholders' meeting.

Despite the fact that the Model 3 is expected to become Tesla's best-selling vehicle once the current step up in production is complete, the Model Y could usurp it, given SUVs' growing dominance in the industry.

Musk choked up after taking the microphone to talk about the company onstage in front of investors. Here are the 5 big things Tesla are doing right now. Some shareholders had raised questions about their qualifications or independence.

"Model Y, for example, will not have any leather in it, including in the steering wheel - even if it does have a steering wheel", he said.

The board ultimately voted in favor of Musk, which many analysts have noted is a vote of confidence in both Musk's leadership and Tesla as a company. That will go into production in the first half of 2020, along with the Semi truck and Roadster models, Musk said.

Meeting the goal of 5,000 Model 3s a week by the end of June is crucial to generating enough cash to sustain operations without having to raise more capital.

Tesla is also now turning its attention toward expanding its manufacturing capacity by adding another plant, which will produce cars, battery packs and powertrains in Shanghai.

Tesla will eventually build 10 or 12 Gigafactories worldwide, said Musk, with the goal of localizing production at least to the continent level.

A battery factory in China, in addition to expanding production, could allow Tesla to avoid import tariffs there. A Europe Gigafactory announcement may come by the end of the year, with the location as of now undecided.