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Elon Musk survives shareholder challenge

Is the worst over for Tesla and Elon Musk?

Tesla CEO Elon Musk has survived an attempt to remove him as chairman of the company.

The proposal was voted down at Tesla’s recent shareholder meeting. Three other board members were also in the firing line, but they too made it through unharmed.

Elon, however, still had to answer a number of criticisms about the company’s recent performance.

He said that Tesla expects to enter positive cash flow in either the third or fourth quarter and doesn’t expect that it will need to raise additional capital this year either.

Musk talked about the many delays facing the Model 3. He promised that the 5,000-car-per-week goal is within sight, and that production lines have demonstrated the capability to meet their 500-car-per-day target.

Elon also said that test drives will be available in the next four to six weeks across “almost all stores in North America by the end of next month”.

Tesla also claimed that the Model 3 is now the best-selling mid-sized premium sedan in the US.

Looking forward, Tesla teased an image of its upcoming all-electric crossover Model Y.

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Details are still forthcoming, however Elon Musk has given a tentative date of March 15, 2019 for its official unveiling.

At the shareholder meeting, Elon didn’t even confirm if it would have a steering wheel.

“Model Y, for example, will not have any leather in it, including in the steering wheel — even if it does have a steering wheel,” he said.

The Model Y is, however, slated to go into production around the first half of 2020

Tesla also showed off a white version of its Roadster model, continuing on from last year, when it revealed a red working prototype and a grey design model.

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Finally, Tesla confirmed plans to build a factory in Shanghai. This has been a long expected move by the company.

The so-called ‘dreadnought’ factories will assemble batteries and vehicles all in one place, Musk said.

The news caused shares in Chinese battery companies to rise.

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