Tesla CEO Elon Musk has rebuffed a shareholder attempt to overhaul the electric vehicle maker's board and strip him of his role as chairman, despite worries about the company's shaky finances and inability to meet its production goals for its first mass-market sedan.
There are a lot of qualifiers in that sentence, but the Model 3 has seen a lot of interest as the most affordable electric auto from the automaker, even as Tesla struggles to try and ship at the same rate it is selling, and Jaguar's rival I-PACE electric vehicle sees growing interest.
He added that Tesla is focusing on making the Model Y easier to produce than the Model 3, Tesla's first mass-market sedan, which has been plagued with production setbacks. Another product gaining interest has been a high-performance and more expensive version of the Model 3.
Tesla chief Elon Musk just survived the first serious attempt by major investors to cut back his power in the company. "At a lot of other companies, they're built by marketing or the finance department and there's no soul".
The updates provided by Elon Musk and the company's executives during the Annual Shareholder Meeting appear to have struck a note of confidence for the company's investors. "As I said before, we do not expect to need to raise any incremental debt or equity".
Canada vows to protect metals sector but resists call for quick action
President Donald Trump has returned to his former position of threatening to get rid of the decades-old NAFTA deal altogether. Speaking after the meeting, Le Maire said the European Union was poised to take counter-measures against the new us tariffs .
Proxy firms Glass Lewis and Institutional Shareholder Services (ISS) and activist investor CtW Investment Group had supported separating the chairman and CEO roles and mostly opposed the three directors, the only ones up for election this year.
"We're confident we know how to address them and we are addressing them", Musk said about the issues.
Sales have been impressive in China, but Musk would like to see the tariffs eased for rolling out the Model 3 to consumers looking for an affordable electric auto.
And hesparked questions about whether he has the temperament to lead Tesla when he insulted analysts and refused to answer two questions during an earnings call last month.
Tesla, which has talked about building a factory in Europe for years, plans to announce a location later this year, Mr. Musk said. Tesla stock has fallen 9% this year, and short sellers are raising their wager as well. Robin Ren, head of world-wide sales, said it would be located in Shanghai.