Coming into the meeting there was the possibility - albeit small - that shareholders might not re-elect three board members, including Kimbal Musk, Elon's brother, nor allow Elon Musk to retain his dual CEO and board chairman titles. That's eased the carmaker's cash burn, but some Model 3 reservation holders sought assurances their wait wouldn't be for naught.
The Model 3 is Tesla's first mass-market vehicle and was created to broaden the company's customer base beyond the luxury segment. When asked about a question about whether Tesla has any plans of making electric motorcycles, Musk categorically said that it's not going to happen. "We will honor that obligation" to deliver at that price, he said, "and we would do so now if it was physically possible". "As I said before, we do not expect to need to raise any incremental debt or equity".
As it works on ramping Model 3 output, the automaker is moving furiously to expand production at its massive battery manufacturing plant in Nevada. The last several months, he said, were the most "hellish" in his life. Volume production of the $35,000 Model 3 would begin in Q1 2019. 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.
Shareholder Jing Zhao, who owns 12 shares of Tesla, argued that Musk should be replaced with an independent chairman given Tesla's recent growth in a rapidly changing business sector and his other commitments to rocket company SpaceX and infrastructure firm The Boring Company.
Kimbal Musk - who now sits on Tesla's board - would lie to his older brother about the time, telling the future billionaire that the bus would be arriving, several minutes ahead of schedule. "Shareholders approved the re-election of the board of directors by a significant margin, which we believe provides a vote of confidence in management", Kallo wrote.
'Then I had a road bike until I was 17 and was nearly killed by a truck, ' Musk said.
In November 2017, it said it hoped to achieve a production rate of 5,000 per month by the end of the first quarter of 2018, pushing back what was originally a target for the end of 2017. Shares fell as much as seven per cent after Musk's snub, evaporating $2 billion United States from Tesla's stock market value.
The CEO noted that plans for the trial will be announced within the next few months.