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Tesla rallies with Model Y in the mix

Tesla rallies with Model Y in the mix

"But instead of recognizing the need for independent and effective board leadership, Tesla has renominated three directors who exemplify the company's failure to evolve".

"This was, I have to tell you, the most excruciating, hellish several months I've maybe ever had", Mr. Musk said at Tesla's annual shareholder meeting near the company's Palo Alto, Calif., headquarters. "We just did a big set of upgrades, and it's quite likely that we will achieve a 5,000 auto a week (production rate) by the end of this month", Musk said.

Shareholders also defeated an attempt to replace three directors up for re-election and also rejected a referendum that called for the company to have Musk relinquish his additional title of chairman to an independent director.

This was in spite of some stakeholders raising concern that a board with these directors lacked independence. In less than one year from the date of the 2018 shareholder meeting, said Musk, Tesla will have installed its next 1 gigawatt-hour.

"So, we're not going to do motorcycles", Musk said.

The front hood logo on a 2018 Tesla Model 3 electric vehicle is shown in this photo illustration taken in Cardiff, California, U.S., June 1, 2018. Manufacturing bottlenecks have delayed the delivery of vehicles to customers and deferred much-needed revenue as the company continues to spend heavily on Model 3 production fixes, as well as projects in the pipeline. Musk reiterated previous predictions that that will happen during the second half of this year.




CtW Investment Group, which backed the proposals, was quick to respond. Here are the 5 big things Tesla are doing right now. "I do have an issue with time", Musk said, according to Detroit News.

One investor proposed splitting the chairman and chief executive jobs, both of which Musk holds, arguing the sprawling company has become hard to oversee.

Mr. Musk also signaled Tesla is close to announcing details of a China factory for building cars and batteries, perhaps as soon as next month.

The aggressive energy storage deployment is possible because of the massive scale of the Gigafactory.

Tesla will eventually build 10 or 12 Gigafactories worldwide, said Musk, with the goal of localizing production at least to the continent level.

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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