Tesla Annual Meeting Reveals China Battery Plant, Teases Model Y Plans

Elon Musk co-founder and CEO of Tesla Inc

Elon Musk co-founder and CEO of Tesla Inc

After addressing concerns about Model 3 production and pricing and announcing a new Gigafactory for building batteries in Shanghai, he casually mentioned that next month the company would be offering free trials of the car's semi-autonomous software, Autopilot.

Musk also laid out plans for the Model Y, supposedly set for a March 2019 unveiling, with production starting in the first half of 2020. Manufacturing bottlenecks have delayed the delivery of vehicles to customers and deferred much-needed revenue as the company continues to spend heavily on Model 3 production fixes, as well as projects in the pipeline.

Tesla's shareholders have offered a show of support for Elon Musk, rejecting a proposal to strip him of the chairman post, even after a string of issues at the electric auto maker.

Also, don't hold your breath for a Tesla motorcycle - Musk quashed hopes that the company would build one, citing an experience he had when he was almost killed while riding one.

CtW Investment Group, which works with union pension funds, had urged shareholders to vote against all three directors, arguing that issues including missed Model 3 production targets showed the board has been insufficient in governing Musk, 46, and the company.

"We've made a lot of mistakes with Model 3 production", said Musk.

He came under fire last month for refusing to answer questions from analysts about the company's finances, saying "boring bonehead questions are not cool". Concerns about Tesla's ability to meet demand had weighed on the company's stock in recent months. He had been targeting 5,000 a week by around the end of June, a rate he said will allow Tesla to become profitable in the third quarter and cash-flow positive in each of the third and fourth periods.

IN IMAGES: Nadal's 16-0 streak vs. old buddy Gasquet
Fabio Fognini beat Kyle Edmund 6-3, 4-6, 3-6, 6-4, 6-4, while Maximilian Marterer won 6-2, 6-1, 6-4 against Jurgen Zopp. Gasquet was seeded 27th in Paris but has been ranked as high as No. 7 and made it to three Grand Slam semi-finals.

Musk told investors that an announcement about a China factory would come "really soon".

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

Arguing that the sprawling company has become hard to oversee, one investor proposed splitting the chairman and chief executive jobs, both of which Musk holds.

"We will definitely offer a $35,000 version of the Model 3", Musk said Tuesday. Tesla shares are down as much as 3.4 percent for the session.

Elon Musk holds a 22 percent stake in Tesla, increasing the degree of difficulty for shareholders trying to challenge his authority.

The proposal to remove Musk from his role as chairman of Tesla's board was introduced by Jing Zhao, a shareholder who has questioned whether Musk - who leads several other companies in addition to Tesla - is spread too thin.

Recommended News

  • Kim aide at White House to give letter to Trump

    Kim aide at White House to give letter to Trump

    The president and the North Korean delegates then posed for group photographs. He is the highest-ranking North Korean official to visit the U.S.in 18 years.
    Discovery Inks International Deal for PGA Tour Golf Rights

    Discovery Inks International Deal for PGA Tour Golf Rights

    It has acquired a trove of intellectual property, including the European rights to the Olympics through 2024 for $1.4 billion. While known for unscripted programming like "Shark Week", Discovery is focused on becoming a global TV sports giant.
    Sara Gilbert stands behind ABC's decision to cancel 'Roseanne'

    Sara Gilbert stands behind ABC's decision to cancel 'Roseanne'

    So far, it's believed the show's patriarch, John Goodman , is "very interested". "And, I'm happy to see that it was done swiftly". Ch-ch-check out the clip (below)! " Roseanne " star Sara Gilbert spoke about ABC's decision to cancel the show on " The Talk ".
  • Rangers set to clinch loan deal for Liverpool kid Ovie Ejaria

    Rangers set to clinch loan deal for Liverpool kid Ovie Ejaria

    I want to play at the highest level possible every week. 'I scored nine in 16 games and I got player of the season there. I want Rangers to get back where they belong. 'I've always said that I would love to play for Rangers .

    Stephan Lichtsteiner will join Arsenal after Juventus exit

    Lichsteiner said his objective was to help Arsenal return to the Champions League and to competing at the highest level. Arsenal announced their first signing under new coach Unai Emery on Tuesday afternoon.
    MacOS Mojave brings dark mode, better privacy, and more iOS ideas

    MacOS Mojave brings dark mode, better privacy, and more iOS ideas

    The Watch-to-Watch connection works with both Global Positioning System and Cellular version of Watch 3. The sidebar also includes a new Quick Actions bar, which is contextually aware, and user customizable.
  • OnePlus 6 Silk White available on June 5

    OnePlus 6 Silk White available on June 5

    OnePlus 6 is backed by a 3300mAh battery and runs on OxygenOS 5.1 which is based on Android 8.1 Oreo. OnePlus 6 Silk White edition has a smooth texture similar to the one found on the OnePlus One .
    First Lady Will Not Join President on Trips to G7, NKorea Summit

    First Lady Will Not Join President on Trips to G7, NKorea Summit

    According to the Chicago Tribune , White House sources said the first lady has been meeting with staff and working on projects. Her last sighting was on May 10, when she joined Trump at Andrews Air Force Base in welcoming home hostages from North Korea .
    A new woman joins the class-action lawsuit against Harvey Weinstein

    A new woman joins the class-action lawsuit against Harvey Weinstein

    According to the complaint, Thompson was not told the Brafman firm was actually working for Weinstein. As she explained the company's services, she alleges that Weinstein began to caress her legs.
  • Tristan Thompson Abruptly Leaves Interview After Stephen Curry Question

    Tristan Thompson Abruptly Leaves Interview After Stephen Curry Question

    That rang true again on Sunday when Green finished with six points, two rebounds, and one assists on 28.5 percent shooting. But it was Stephen Curry who stole the show with an NBA Finals record nine three-pointers made. "We'll just have to see".
    Michael McIntyre 'fine' after being attacked by moped thugs

    Michael McIntyre 'fine' after being attacked by moped thugs

    It's not known if the attack was targeting prestige cars, or the comedian specifically. 'I was really shaken after it happened. The mugging is the latest in a spate of terrifying robberies by moped gangs in London.
    Is four hours enough to tackle racial bias?

    Is four hours enough to tackle racial bias?

    The company pledged to integrate further trainings in the United States and around the world. Starbucks said the arrests never should have occurred.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.