World's biggest investor in clash with Tesla over Elon Musk's dual role

Adjust Comment Print

But shareholders appeared Tuesday to affirm Musk's leadership by shooting down a proposal that could have stripped him of his role as chairman of the board.

Set to share many of its parts with the Model 3 sedan, the Model Y will essentially be a smaller version of the Model X and aim to become the most affordable, all-electric crossover on the market.

Tesla last month told employees that the company was being reorganized to speed up production of Model 3 vehicles - a key to profitability for the fast-growing electric auto maker. Tesla's website says delivery for that configuration takes four to six months.

"So, we're not going to do motorcycles", Musk said. "This is something I'm trying to get better at".

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

"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. He says the electric vehicle company will solve its Model 3 production problems. Volume production of the $35,000 Model 3 would begin in Q1 2019.

LeBron says NBA champ won't be going to White House
Some Warriors said they would not attend a White House ceremony a year ago , shortly after Golden State won the NBA Finals. So, it's just a partnership. "I guess ya'll probably seen the reaction from that point on".

In November 2017, it said it hoped to achieve a production rate of 5,000 per month by the end of the first quarter of 2018, pushing back what was originally a target for the end of 2017.

On Tuesday, shareholders approved re-electing Antonio Gracias, James Murdoch and Kimbal Musk, the CEO's brother.

Just days after failing to receive a Recommended score in Consumer Reports, the Tesla Model 3 received the Recommended label after improving its braking performance via an over-the-air software update. "Shareholders approved the re-election of the board of directors by a significant margin, which we believe provides a vote of confidence in management", Kallo wrote.

Musk warned of a "next level short burn of the century" - meaning that he predicts short sellers will rush to exit their position as Tesla's stock price increases.

NBIM - which holds a stake worth about $250m in Tesla and holds 1.4pc of all listed companies globally - is a strong advocate of good corporate governance and its stance is highly influential.

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

Comments