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Tesla Shareholders Meeting Almost Saw Elon Musk Stripped of Chairman Title

07 June 2018

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 auto company. "We just did a big set of upgrades, and it's quite likely that we will achieve a 5,000 vehicle a week (production rate) by the end of this month", Musk said. In addition to the usual company presentation on operations and a likely Q&A session for investors, the most pressing issue on the agenda is a vote to require that the position of Chairman of Tesla's board of directors be filled by an independent party.

A vote to kick Tesla Chairman and Chief Executive Elon Musk out of his chairman's seat failed at Tesla's annual shareholder meeting Tuesday.

This was in spite of some stakeholders raising concern that a board with these directors lacked independence.

Musk spoke at the company's shareholder meeting on Tuesday and suggested the auto may not even have a steering wheel. As you can see, it's very much like the Model 3 (as it's built on the same platform), only in compact SUV form. Musk owns a 20 per cent stake in the company.

The Model 3 may be critical for the automaker to stay alive without turning to investors for more money this year, but the upcoming Tesla Model Y crossover could be critical to vault the automaker's bottom line beyond survival.

Large proxy adviser Glass-Lewis and CtW Investment Group, which represents union-sponsored pension funds, had recommended against re-approving the three directors while Institutional Shareholder Services had recommended against Mr. Gracis and Mr. Murdoch. "As I said before, we do not expect to need to raise any incremental debt or equity".

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That will come with time. "It's going to take a bit more time for this fear to go away, but I'm ready to play. The striker has not played since late February but was named in Brazil's 23-man preliminary World Cup squad.

Tesla missed its production goal for 2017's third quarter, producing only 260 vehicles compared to an earlier estimate of 1,500.

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

"We are also concerned about whether these highly paid directors can help the CEO focus on solving the serious financial, production, and labor relations problems now facing Tesla", he added. Then I had a road bike until I was 17, and was nearly killed by a truck.

It now looks as though 5,000 per week is going to be achieved before the end of June.

According to Musk, the Model Y probably won't have any leather and it might not even have a steering wheel.

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

Tesla Shareholders Meeting Almost Saw Elon Musk Stripped of Chairman Title