Musk keeps firm grip on Tesla as shareholders get behind boss


Several shareholder funds had been demanding that three of Musk's hand-picked board members - directors Antonio Gracias, James Murdoch and his brother, Kimbal Musk - be removed from office.

Pioneering electric auto maker Tesla will not be making any electric motorcycles, Tesla's founder Elon Musk has said.

"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.

Tesla Inc. shareholders sided with its besieged board by defeating a proposal to require that the chairman be an independent director and approving the re-election of three directors criticized by an activist investor group.

Tesla shareholders voted to keep CEO Elon Musk as the chairman of the company's board of directors on Tuesday.

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

"Semi and Roadster are actually going to be better than what was unveiled", said Musk, confirming his previous announcement that the Roadster reveal model, with its 1.9sec 0-60mph time, was the entry-level variant.

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Model 3 production has increased to 500 cars a day, Musk confirmed. The consumer publication reversed course and now recommends the Tesla Model 3 after the electric carmaker sent an over-the-air update that improved the car's braking distance by almost 20 feet.

Investors have appeared to be shaken by Musk's antics in recent months.

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.

Tesla hoped to have pinpointed a spot for a Gigafactory in Europe by the end of this year, according to its chief, who added that the company ultimately expects to have 10 to 12 such plants worldwide.

Tesla chief Elon Musk just survived the first serious attempt by major investors to cut back his power in the company. Tesla has not hit the intended goal of 5,000 cars per week. Some shareholders had raised questions about their qualifications or independence. Then I had a road bike until I was 17, and was nearly killed by a truck. They also wanted CEO and chairman Musk's authority to be softened by taking away one of his titles.

A battery factory in China, in addition to expanding production, could allow Tesla to avoid import tariffs there.