Tesla 'quite likely' to meet Model 3 goal; Musk remains chairman

Second Measure Second Measure

Shareholders also re-elected board members whose seats were being challenged.

Little is known about the vehicle at this stage, but Tesla founder and CEO Elon Musk has said it will have falcon wing doors (opening vertically, like on the Model X).

"It's like, I will tell you, the most excruciating, hellish several months I've maybe ever had - and a lot of other people at Tesla", Musk said during the meeting, before inviting several of his top deputies to share the stage.

In an apparent vote of confidence in Musk, shareholders rejected by a large majority a proposal on the ballot to split the chairman and chief executive roles, both of which are held by the co-founder.

This was in spite of some stakeholders raising concern that a board with these directors lacked independence.

Elon Musk will stay on as chairman of Tesla despite an attempt by a group of investors to oust him at an annual meeting in northern California on Tuesday.

"We are concerned as to whether these highly paid directors can help the chief executive respond to the problems facing Tesla", they said. Tesla has faced increasing financial pressure after struggling to ramp production of the Model 3 that began assembly last July.

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He indicated Tesla aims to build 10,000 Model 3 cars a week next year. Musk owns a 20 per cent stake in the company. He also announced that Tesla would soon produce more batteries at the Gigafactory in Nevada than all other vehicle companies combined - even against worldwide auto manufacturers.

During a presentation, and more than an hour of questions, Musk seemed buoyant, at times overcome with emotions, as he ticked off the company's achievements: the Model 3's ranking as a top-selling premium sedan in the U.S., installation of one gigawatt-hour of energy storage, the 2020 production plans for the Model Y and revamped Roadster.

The Tesla chairman and CEO also offered updates on some future products, including the long-awaited $35,000 version of the Model 3. "Then I had a road bike until I was 17 and was nearly killed by a truck", 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 itself has recommended against removing Musk, arguing that.

The report says that 8 percent of depositors had configured a Tesla for production in April, which deems the purchase nonrefundable.

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