Elon Musk fends off challenge to Tesla control

Second Measure Second Measure

Tesla previously stated a late 2019 production goal for the Model Y, but it remains unclear at this point if the company will be able to hit that target.

After conceding that "staying alive" is hard in the auto industry, Musk told shareholders that Tesla will be "cash flow positive" during the second half of this year. A damaging split at this stage between board and management would risk everything and it's clear that Tesla has a hit on its hands with the Model 3 (about half a million orders with effectively free loans amounting to nearly half a billion dollars from the deposits paid), but an engineering problem associated with building enough of them fast enough. "So we're not going to do motorcycles".

"This is something I'm trying to get better at", he said.

Musk repeated Tesla's contention that should Model 3 production ramp up as expected, profitability will follow.

Musk described the last few months as excruciating and hellish for him. Additionally, we can see that the crossover will have a more upright and pronounced front fascia than current Tesla models. Volume production of the $35,000 Model 3 would begin in Q1 2019.

Directors Antonio Gracias, James Murdoch and Elon's brother, Kimbal Musk, won by "a wide margin", according to Tesla. The shareholders ultimately voted to keep the three men on the board of directors.

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Tesla expects to achieve all this profitably by the end of September, even as it manages about $3 billion in debt maturing between this year and 2021.

I don't think that the results of the votes had any impact since it was quite predictable that most shareholders would vote with the board.

The proposal to remove Musk from his role as chairman of Tesla's board was introduced by Jing Zhao, a shareholder who has questioned whether Musk - who leads several other companies in addition to Tesla - is spread too thin. The company's structure requires two-thirds backing for a shake-up.

Elon Musk, co-founder and chief executive of Tesla, speaks at a Boring Company event on May 17 in Los Angeles. With manufacturing numbers months behind schedule and Tesla burning through cash, some critics believe "Elon time" threatens to jeopardize the company's relationship with Wall Street, putting Tesla's future at risk.

Tesla will announce as soon as next month a combined battery production and vehicle assembly Gigafactory in Shanghai, China.

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