Musk keeps firm grip on Tesla as shareholders get behind boss

Musk keeps firm grip on Tesla as shareholders get behind boss

Musk keeps firm grip on Tesla as shareholders get behind boss

Tesla's shareholders were asked to vote on a proposal by one stockholder that the company's chair be an independent director, not Elon Musk, who has been chairman since 2004 and is also the chief executive officer.

Set to share many of its parts with the Model 3 sedan, the Model Y will essentially be a smaller version of the Model X and aim to become the most affordable, all-electric crossover on the market. Foremost among them that at the Tesla annual shareholders meeting, Musk indicated that the company is well on its way to the magical number of producing 5,000 Model 3's per week, now running at about 3,500.

As Electrek reports, the image was revealed yesterday alongside the latest Tesla shareholders meeting. "We will honor that obligation" to deliver at that price, he said, "and we would do so now if it was physically possible". "But I think we're getting there".

As it works on ramping Model 3 output, the automaker is moving furiously to expand production at its massive battery manufacturing plant in Nevada. "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.

"We've made a lot of mistakes with Model 3 production". Volume production of the $35,000 Model 3 would begin in Q1 2019.

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Tesla had recommended shareholders leave Musk with both top jobs and argued the directors are qualified.

The company said a "supermajority" of shareholders also rejected a proposal to force Musk to step down as Tesla's chairman, a position he has held since 2004 - four years before he also assumed the CEO job.

Directors Antonio Gracias, James Murdoch and Elon's brother, Kimbal Musk, won by "a wide margin", according to Tesla. The rate of stationary storage deployment is going to grow exponentially. The company's structure requires two-thirds backing for a shake-up.

ELON Musk, the billionaire owner of pioneering electric vehicle maker Tesla, has ruled out the possibility of making a Tesla motorcycle.

If any significant amount of institutionally held shares voted for the removal of Musk as Chairman, a logical conclusion would be that one or more of the big institutional owners was growing impatient with the company's current trajectory. A Europe Gigafactory announcement may come by the end of the year, with the location as of now undecided.

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