Elon Musk remains chairman of Tesla's board of directors

06 June, 2018, 12:51 | Author: Billie Castillo
  • Second Measure Second Measure

The statement echoed what the executive had said in previous meetings about being in "production hell" for Model 3 units.

"While investors continue to question if Tesla needs to raise capital", Needham wrote, the Barron's Next 50 company "should be able to generate more than $10K/car it sold, and if Model 3 ramps well in the next few quarters, its cash flow will substantially increase". Because of the current Model 3 assembly rates, Musk said "it's quite likely we will achieve (production of) 5,000 cars a week by the end of this month". "We expect to get into volume production by Q1 of next year".

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.

Tesla has faced negative press recently, after one of its Model 3 sedan cars crashed while in autopilot mode. The firms also have raised concerns about the company's financial performance and the status of Model 3 production.

For Tesla to make affordable vehicles, "it is going to be important to localize production to at least a continent level", Musk said. And the company previously acknowledged it made mistakes initially in trying to automate too much of the manufacturing process of the Model 3.

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The board member in question who proposed removing Musk from his position was Jing Zhao.

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.

"Although the current leadership structure, in which the positions of Chairman and CEO are held by one person, could provide an effective leadership for Tesla at the early stage, now in this much more highly competitive and rapidly changing technology industry, it is more and more hard to oversee Tesla's business and senior management (especially to minimize any potential conflicts) that may result from combining the positions of CEO and Chairman", Zhao wrote in his proposal.

Tesla had recommended investors allow Mr Musk to keep both roles and argued that the directors were qualified. "I am a huge Elon fan".

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