Elon Musk Escapes Corporate Coup to Oust Him as Chairman of Tesla

07 June, 2018, 06:32 | Author: Franklin Nunez
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Jing Zhao, who holds 12 shares in Tesla, argued for the job separation at Tesla's annual meeting on Tuesday, saying it was impossible for the company's billionaire founder to do both jobs "in this highly competitive and changing industry". One person asked whether people should discount Musk's prediction in the future given the Model 3's long delayed ramp up. Bullish-leaning firms such as Baird think that Tesla's valuation can remain elevated if enthusiasm over the long-term potential of the Model 3, Tesla Semi and Model Y keeps churning. Due to a recent set of upgrades, Musk stated that Tesla would likely hit its target of producing 5,000 Model 3 per week by the end of the second quarter. Tesla could have produced 5,000 Model 3s per week with the original two production lines, he said, but with the addition of the third, "I'm highly confident that we can exceed 5,000 units per week". One of the biggest things that came out of yesterday was Elon Musk said that for battery cells, they could be at below $100 per kilowatt-hour by the end of this year. The stock had dropped 6.5% this year to Tuesday's close. "This is going to sound really cheesy, but we build our cars with love. Then I had a road bike until I was 17 and was nearly killed by a truck", Musk said.

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Investor Antonio Gracias, Tesla's lead independent director; James Murdoch, the CEO of Twenty-First Century Fox Inc; and Elon Musk's brother Kimbal have all been re-elected as Tesla directors.

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Investors also defeated a proposal to require that the chairman be an independent director, according to Todd Maron, Tesla's general counsel, who said the company will release voting results in a regulatory filing within four business days. Answering a Twitter question about whether European customers will get a cab-over-engine model, Musk said that an upcoming revision to the design that was revealed in late 2017 will make the truck fit in with legislations across the world. The vehicle starts at $35,000, but now, only the $44,000 version with a long-range battery is available.

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The Tesla Model Y is scheduled to go on sale in the first half of 2020. But Musk is no stranger to tongue-in-cheek comments that become a reality.

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