Tesla board overcomes critics as investors back Musk, directors

Mae Love
June 7, 2018

He was wearing one at the automaker's annual shareholder meeting on Tuesday, when an audience member asked if Tesla had ever considered getting into the electric motorcycle business, which Harley-Davidson is about to enter. Responding to a question about the smaller segments the brand will expand into, Musk said: "I think we'll do a compact vehicle in less than five years".

Tesla shareholders also voted against a shareholder proposal for Tesla to appoint an independent board chairman.

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

At the Tesla shareholder meeting, Elon Musk announced that Tesla vehicle owners might soon get a chance to test out Autopilot again through a free trial.

"To ensure that Tesla is well prepared for the future, we have been undertaking a thorough reorganization of our company", the memo obtained by AFP said.

Musk's success wil come as an encouraging vote of confidence as he seeks to accelerate the production of the Model 3.

"We build our cars with love".

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Musk had forecasted that Tesla would have produced 400,000 Model 3 vehicles by now, but has failed to produce even a quarter of that figure.

CtW Investment Group, an activist firm that represents labor union pension funds, had spearheaded a rebellion seeking to oust the trio from the board on the grounds that they didn't know about the auto industry at a critical time in Tesla's existence. After raising money for the Boring Company by selling hats, Musk tweeted he would next sell flamethrowers. Some shareholders had raised questions about their qualifications or independence. Musk was mum on details for the Model Y, and it's not clear where the small crossover would be produced. That will go into production in the first half of 2020, along with the Semi truck and Roadster models, Musk said.

Elon Musk will remain the chairman of Tesla's board of directors.

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. All three men were in question as to their ability to keep Musk focused on Tesla and its projects.

"The rate of stationary storage deployment is going to grow exponentially", he added.

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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