Tesla board overcomes critics as investors back Musk, directors

Tesla CEO Elon Musk unveils the Roadster 2 during a presentation in Hawthorne California

Tesla: Why It's 'All About' Model 3 Production

Elon Musk, co-founder and chief executive of Tesla, speaks at a Boring Company event on May 17 in Los Angeles.

Short sellers were piling into Tesla to bet against the stock at the end of March as concerns mounted that Tesla would fall well short of its production quota of 2,500 Model 3 units per week, while also betting the company would need to raise capital, further pressuring shares.

"It's very hard to become a mass-manufacturing vehicle company", Musk, 46, said after shareholders voted down a measure that would have required an independent director replace him as chairman.

Tesla kicked off its annual shareholder's meeting on Tuesday, with the company covering a myriad of topics ranging from vehicle production to Supercharger stations.

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Wait times for the Model 3 are three to four months for an order placed today in the USA and 15 months for right-hand-drive cars, meaning the Model 3 is unlikely to arrive on British soil before the third quarter of 2019.

Tesla's released its new Model 3 electric auto in July 2017 with a batch of 30 vehicles sold exclusively to members of staff.

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. Musk was mum on details for the Model Y, and it's not clear where the small crossover would be produced.

Contrary to recent press reports asking if Tesla might be abandoning the mass market and what happened to the $35,000 Model 3, Musk assured investors Tesla has not given up on plans to manufacture the base-level version of the auto. More than 80 percent of shareholder votes were against the proposal. The shareholder votes also went according to plan, although Kallo thinks the wide margin of the board re-election is a vote of confidence in current management.

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"We did not think these individuals are a credible, independent voice for shareholders".

"We do, however, wish to see more discipline with the CEO's pronouncements, but don't expect much improvement there".

One of the reasons for Musk's assurance that Tesla is turning the corner on manufacturing is the addition of a third general assembly line that completes the process of putting together the Model 3.

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.

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