Elon Musk staves off challenge to stay as Tesla's Chairman

Second Measure Second Measure

The proposal, which was defeated in a vote at Tesla's annual meeting of stockholders on Tuesday, represented the strongest challenge yet to Musk's grip on the Silicon Valley vehicle company.

After describing the past few months as among the most "hellish" in his life, Musk said he expected Tesla to post a quarterly profit during the July-September period.

"The complexity of large-scale manufacturing and the challenges of successfully commercializing new technologies and new manufacturing and marketing techniques suggest that shareholders would be better served by having Musk focus on running the company, and allowing an independent director to run the board", ISS wrote.

Elon Musk expressed confidence about Tesla Inc. achieving goals for the Model 3 sedan and with its financial position, predicting that manufacturing will become a strength for the electric-car maker.

In April shareholder Jing Zhao tabled the suggestion to split the chairman and chief executive position, while also saying that Musk's involvement with SpaceX and the Boring Company could create possible sources of conflicts for Tesla down the road. He reiterated that the company will not need to raise money this year. But Musk said last month that the standard $35,000 version of the Model 3 was still a ways off.

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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. "We're confident we know how to address them". The Model Y will mark Tesla's entry into the compact crossover segment. It will go into production within two years, though no further details were provided.

For Tesla to make affordable vehicles, "it is going to be important to localize production to at least a continent level", Musk said. The company now builds batteries at a massive manufacturing plant in Sparks, Nev., which is still under construction.

Tesla head of worldwide sales Robin Ren disclosed the planned location of Tesla's second "Gigafactory" while co-founder and chief Elon Musk fielded questions at an annual shareholders meeting.

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

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