Musk keeps firm grip on Tesla as shareholders get behind boss

Musk keeps firm grip on Tesla as shareholders get behind boss

The electric auto company held its annual shareholder meeting on June 5, with product recalls, production delays, and high-profile crashes in recent months casting a shadow over proceedings.

The Model Y will mimic the business model of the Model 3-a mass-produced, affordable electric auto.

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.

The shareholder proposed that the company replace Musk, who has served as the chairman of the Tesla's board of directors since 2004 and its CEO since 2008, with an independent chairman.

Shareholders also voted to re-elect Antonio Gracias, 21st Century Fox chief executive James Murdoch, and Musk's brother Kimbal Musk as company directors. The firms also have raised concerns about the company's financial performance and the status of Model 3 production.

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. "For many years to come, each incremental year will be about as much as all the preceding years, which is a insane, crazy growth rate", Musk said.

The company said the votes failed by a "super majority" of votes but offered no numbers.

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The new teaser is once again a shadowy shot devoid of details but it does provide a glimpse of the proportions of the Model Y, which Musk said Tuesday would be revealed in March 2019 and put into production in early 2020.

When it's available, the Tesla Model Y would take on challengers such as the Jaguar I-Pace, BMW iX3, and Mercedes-Benz EQC, which may beat it to market.

"It was the most excruciating hellish several months I've ever had", he said.

Perhaps most notable was in the announcement was news that Tesla will bring a compact auto to market within the next five years.

Norway's $1 trillion wealth fund said on Wednesday it had backed an initiative to wrest the role of chairman away from Tesla Chief Executive Elon Musk. "At Tesla, we build our cars with love".

Since Tesla began taking reservations - more than two years ago - 23 percent of Model 3 depositors had their money refunded, the "Second Measure" report said.

"This is something I'm trying to get better at", he said.

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