Elon Musk will stay on as Tesla chairman despite attempted investor coup

Elon Musk co-founder and CEO of Tesla Inc

Kallo also mentioned the re-election of three board members as a vote of confidence in Tesla's management, adding that the company's energy storage business is an "opportunity" that is now "underappreciated" by some investors. "This is the most excruciating, hellish several months I've ever had. but I think we're getting there", Musk said after it had been decided he would keep his post.

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.

Union-affiliated investment adviser CtW Investment Group had rallied shareholders to reject three Tesla directors it says lack qualifications or independence, including investor Antonio Gracias, Tesla's lead independent director; James Murdoch, the CEO of Twenty-First Century Fox Inc; and sustainable food executive Kimbal Musk, Elon Musk's brother.

By the end of the second quarter, Musk said, Tesla expects to be building more batteries than all other electric-car manufacturers combined, "including China". "We're confident we know how to address them".

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So far, the focus for Tesla in 2018 has been on the Model 3 and improving production. Tesla has focused on high-priced configurations, some exceeding $70,000, since the auto began rolling off assembly lines in 2017.

Musk appeared on stage visibly shaken with a quiver in his voice. But after a thorough reorganization of its factory - including scaling back its use of robots and hiring more human staff - the company is now producing 3,500 cars a week, and is aiming to bridge the gap by the end of June. He reiterated that the company will not need to raise money this year.

An individual shareholder put forth the proposal that would have required an independent chairman, which was backed by proxy advisers Institutional Shareholder Services and Glass Lewis. Here are the 5 big things Tesla are doing right now.

The company has lost about 16 percent of its market value in the past year as investors anxious about Tesla's ability to solve production issues.

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Tesla had recommended shareholders leave Musk with both top jobs and argued the directors are qualified.

According to Musk, the Model Y probably won't have any leather and it might not even have a steering wheel. Then I had a road bike until I was 17, and was nearly killed by a truck. Musk also expressed his pride for Tesla workers.

The aggressive energy storage deployment is possible because of the massive scale of the Gigafactory.

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