Tesla rallies with Model Y in the mix

Second Measure Second Measure

Second Measure Second Measure

"We just did a big set of upgrades, and it's quite likely that we will achieve a 5,000 auto a week (production rate) by the end of this month", Musk said.

Currently, the roles of both Chairman of the Board and CEO are filled by Elon Musk, and a "Yes" vote would strip Musk of the Chairman role.

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

The vote comes at the behest of an individual shareholder, Jing Zhao of Concord, California, who owned just 12 shares of Tesla stock - allowing him to attend the meeting and propose a vote on the issue of the chairman seat. "But we recognise those mistakes and we're confident we know how to address them", he added.

The multibillionaire has bet the future of his $49 billion electric vehicle and battery-making company, on the success of the Model 3.

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The company has been engaging in so-called "burst builds", temporary periods of fast-as-possible production which it uses to estimate how many cars it is capable of building over longer periods of time.

"The reliability and capability of Autopilot will increase exponentially over the next six to twelve months", said Musk, as reported by The Verge. But after a thorough reorganization of its factory - including scaling back its use of robots and hiring more human staff - the company is now producing 3,500 cars a week, and is aiming to bridge the gap by the end of June. Musk reiterated previous predictions that that will happen during the second half of this year.

The shareholders he represents want Tesla to succeed, he said, "but the current board is an obstacle, not an aid, to these goals". "Then I had a road bike until I was 17 and was nearly killed by a truck", Musk said.

"Although the current leadership structure, in which the positions of Chairman and CEO are held by one person, could provide an effective leadership for Tesla at the early stage, now in this much more highly competitive and rapidly changing technology industry, it is more and more hard to oversee Tesla's business and senior management (especially to minimize any potential conflicts) that may result from combining the positions of CEO and Chairman", Zhao wrote in his proposal. Musk was mum on details for the Model Y, and it's not clear where the small crossover would be produced. A Europe Gigafactory announcement may come by the end of the year, with the location as of now undecided.

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