Elon Musk to remain Tesla chairman after shareholder vote

Second Measure Second Measure

"I think I do have, like, an issue with time", Musk said minutes after shareholders voted to maintain his status as Tesla's chairman at the company's annual shareholders meeting Tuesday.

The Model Y is expected to be a scaled-down Model X riding atop the Model 3's platform, complete with falcon doors and all, according to reports.

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

For Tesla to make affordable vehicles, "it is going to be important to localize production to at least a continent level", Musk said.

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. "As I said before, we do not expect to need to raise any incremental debt or equity". The stock is up nearly 10% today and has largely shrugged off the possibility of bad news associated with high cash burn rates and possible genealogy issues as part of the Model 3 ramp up and something to be anxious about down the line if there does actually turn out to be an issue.

Manufacturing has befuddled Tesla ever since Musk, 46, predicted 11 months ago that "production hell" would be ahead for the first auto the company was trying to make in high volumes.

The Tesla chairman and CEO also offered updates on some future products, including the long-awaited $35,000 version of the Model 3. The shareholder proposed that the company replace Musk, who has served as the chairman of the Tesla's board of directors since 2004 and its CEO since 2008, with an independent chairman.

Shareholders also rejected a proposal made by shareholder Jing Zhao, who held 12 shares, that would've required the role of board chair to be held by an independent director.

His talk began with praise for company employees, then he added, "We build our cars with love".

As Tesla's 'Autopilot' feature remains in the news for all the wrong reasons, the company is looking to release a free trial of its self-driving software in the coming months, in a bid to improve public trust in its capabilities.

The two positions are often held by the same person in United States companies, unlike in UK firms.

The CEO noted that plans for the trial will be announced within the next few months. A Europe Gigafactory announcement may come by the end of the year, with the location as of now undecided.

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