Elon Musk addresses Model 3 at Tesla shareholders meeting

Second Measure Second Measure

Second Measure Second Measure

Tesla shareholders voted to keep CEO Elon Musk as the chairman of the company's board of directors on Tuesday.

"We will definitely offer a $35,000 version of the Model 3", said Musk. Foremost among them that at the Tesla annual shareholders meeting, Musk indicated that the company is well on its way to the magical number of producing 5,000 Model 3's per week, now running at about 3,500.

Although the eco-friendly auto is one of Tesla's more affordable models, those looking to buy the vehicle may be waiting months before they can get behind the wheel. "As I said before, we do not expect to need to raise any incremental debt or equity". By then, Tesla's production lines should have worked all the kinks out and be able to ramp up more quickly to a new model. "It's like whew, this is, like, I tell you the most excruciating hellish several months I've maybe ever had, and a lot of other people at Tesla", Musk said.

The front hood logo on a 2018 Tesla Model 3 electric vehicle is shown in this photo illustration taken in Cardiff, California, U.S., June 1, 2018. What matters for now is that Tesla is close to hitting its target production numbers (finally!) for the Model 3 and it does begin to feel like the corner is being turned. The gathering of Tesla fans and shareholders capped several rough months for the company as it struggled to meet production numbers, and Wall Street expectations.

A next-generation Supercharger will go into production by the end of 2018.

Directors Antonio Gracias, James Murdoch and Elon's brother, Kimbal Musk, won by "a wide margin", according to Tesla.

The shareholders he represents want Tesla to succeed, he said, "but the current board is an obstacle, not an aid, to these goals".

Interestingly, Musk made a comment that the new crossover may actually lack a steering wheel but we think he was probably just making a joke.

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. "So we're not going to do motorcycles". 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.

The CEO noted that plans for the trial will be announced within the next few months.

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