Tesla shares (NASDAQ:TSLA) are up 6.21% on Wednesday's intraday, trading at $309.19 per share amid positive sentiments over the company's capability to meet its Model 3 production targets for Q2 2018 and its growing energy business.
The proposal to remove Musk from his role as chairman of Tesla's board was initiated by Jing Zhao, a shareholder who believes Musk may be "spread too thin". Tesla says it intends on kicking off Model Y production in early 2020.
Cal/OSHA opened at least two inspections of Tesla in April.
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The production lines have demonstrated the ability to make 3,500 Model 3 vehicles per week, Musk told investors in an annual shareholder meeting on Tuesday. Musk responded by saying that when he was younger, he and his brother used to ride motorcycles all the time for about eight years, but a near-death incident that happened to him will keep the electric vehicle company from venturing into electric motorcycle production. "This is going to sound really cheesy, but we build our cars with love".
Wait times for the Model 3 are three to four months for an order placed today in the United States and 15 months for right-hand-drive cars, meaning the Model 3 is unlikely to arrive on British soil before the third quarter of 2019.
Interestingly, Musk made a comment that the new crossover may actually lack a steering wheel but we think he was probably just making a joke.
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.
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The fund also voted against the reelection of the board member Antonio Gracias but backed the reappointment of James Murdoch as well as Musk's brother Kimbal.
"We did not think these individuals are a credible, independent voice for shareholders".
Besides leading Tesla, Musk is also CEO of Space Exploration Technologies, or SpaceX, the rocket maker based in Hawthorne, California. The company may announce more details about that factory as soon as next month, Musk said, then reveal plans for another to be built somewhere in Europe toward the end of 2018.
"We do, however, wish to see more discipline with the CEO's pronouncements, but don't expect much improvement there".
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Musk said it likely won't be widely available until the beginning of 2019, as Tesla focuses on building and selling the more expensive versions of the sedan during its production ramp up, in an effort to maximize revenue.
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