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Tesla Shareholders Meeting Almost Saw Elon Musk Stripped of Chairman Title

Tesla CEO Elon Musk unveils the Roadster 2 during a presentation in Hawthorne California

Speaking at the shareholder meeting, Musk said Tesla should be able to produce 5,000 units per week of its flagship Model 3 electric sedan by the end of June.

Musk described the last few months as excruciating and hellish for him.

Although the eco-friendly auto is one of Tesla's more affordable models, those looking to buy the vehicle may be waiting months before they can get behind the wheel.

Tesla had recommended investors allow Mr Musk to keep both roles and argued that the directors were qualified.

Apart from assuring investors that the Model 3 line is steadily approaching its production goal, Musk also discussed what could very well be the dark horse of Tesla's ecosystem - its energy business. The vehicle starts at $35,000, but now, only the $44,000 version with a long-range battery is available.

Musk repeated Tesla's contention that should Model 3 production ramp up as expected, profitability will follow. "But I think we're getting there". Tesla still needs to more than double its recent production rate to reach Musk's target of delivering 5,000 Model 3s per week.

As Electrek reports, the image was revealed yesterday alongside the latest Tesla shareholders meeting.

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The updates provided by Elon Musk and the company's executives during the Annual Shareholder Meeting appear to have struck a note of confidence for the company's investors.

The fund also voted against the re-election of board member Antonio Gracias, but backed the reappointment of James Murdoch as well as Elon Musk's brother Kimbal.

"The Board believes that the Company's success to date would not have been possible if the Board was led by another director", the board said.

Shareholders also rejected a proposal made by shareholder Jing Zhao, who held 12 shares, that would've required the role of board chair to be held by an independent director. The goal, said Musk, is to be able to go nearly anywhere on earth using the Tesla Supercharger system.

Tesla expects to achieve all this profitably by the end of September, even as it manages about $3 billion in debt maturing between this year and 2021.

Musk still thinks manufacturing will become a strength for the company in the long term, though he acknowledged this was a counter-intuitive prediction after Tesla's trying experiences over the a year ago. Still just one-third complete, it already takes two hours to walk the length of the factory floor, according to Musk.

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