Tesla shares rise as Musk says Model 3 set to hit target


"It's like, I will tell you, the most excruciating, hellish several months I've maybe ever had - and a lot of other people at Tesla", Musk said during the meeting, before inviting several of his top deputies to share the stage.

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

In recent months, Tesla has been beset by critical production challenges involving its highly anticipated Model 3 sedan, accusations of poor worker safety and discrimination at company facilities, and headline-grabbing wrecks and investigations that have raised questions about the company's semiautonomous technology. The vehicle starts at $35,000, but now, only the $44,000 version with a long-range battery is available. 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.

The move would have removed Musk as chairman of the Tesla board.

Tesla shareholders also voted against a shareholder proposal for Tesla to appoint an independent board chairman.

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So far, the focus for Tesla in 2018 has been on the Model 3 and improving production. When asked about a question about whether Tesla has any plans of making electric motorcycles, Musk categorically said that it's not going to happen.

"Despite a lot of difficulties, all parts of the Model 3 production system have demonstrated a 500 vehicle per day capability or a 3500 per week capability". "I kind of say when I think it can occur, but then I'm typically optimistic about these things".

According to Tesla, shareholders voted to re-elect the three board members and to permit Musk to continue wearing both hats by a supermajority vote.

Elon Musk has survived a bid to strip him of a key role at Tesla as shareholders re-elected three directors to the electric auto maker's board. The shareholders ultimately voted to keep the three men on the board of directors.

A next-generation Supercharger will go into production by the end of 2018. With manufacturing numbers months behind schedule and Tesla burning through cash, some critics believe "Elon time" threatens to jeopardize the company's relationship with Wall Street, putting Tesla's future at risk.