Tesla board overcomes critics as investors back Musk, directors

Jun 07, 2018, 06:27
Tesla board overcomes critics as investors back Musk, directors

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

"It's very hard to become a mass-manufacturing vehicle company", Musk, 46, said after shareholders voted down a measure that would have required an independent director replace him as chairman.

More than three decades later, the business world is still wrangling with "Elon Time", as one shareholder has labeled it, those confident pronouncements about the timing of deliveries, rollouts and benchmarks that are often unrealistic at best, empty spin at worst (depending on your perspective).

So far, the focus for Tesla in 2018 has been on the Model 3 and improving production.

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 United States, installation of one gigawatt-hour of energy storage, the 2020 production plans for the Model Y and revamped Roadster.

Tesla has yet to meet its original goal of shipping 5,000 of its Model 3 sedans per week.

Tesla will eventually build 10 or 12 Gigafactories worldwide, said Musk, with the goal of localizing production at least to the continent level. The company's structure requires two-thirds backing for a shake-up. If any significant number of "remove" votes are received, it probably signifies an erosion of confidence in Musk on the part of big institutional investors. The stock had dropped 6.5% this year to Tuesday's close. The goal, said Musk, is to be able to go nearly anywhere on earth using the Tesla Supercharger system.

"Model Y will not have any leather in it, even in the steering wheel.even if it does have a steering wheel", Musk said, according to Electrek. The vehicle starts at $35,000, but now, only the $44,000 version with a long-range battery is available.

When it's available, the Tesla Model Y would take on challengers such as the Jaguar I-Pace, BMW iX3, and Mercedes-Benz EQC, which may beat it to market.

The new teaser is once again a shadowy shot devoid of details but it does provide a glimpse of the proportions of the Model Y, which Musk said Tuesday would be revealed in March 2019 and put into production in early 2020. Presumably, any independent chairman would significantly limit Musk's control over the company going forward.

Tesla Motors CEO and chairman of the board of management, Elon Musk, has staved off a managerial coup that sought to displace him from the company's leadership in light of the company's recent difficulties.

"We did not think these individuals are a credible, independent voice for shareholders".

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