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'I Think We're Getting There': Highlights From Tesla's Annual Shareholder Meeting

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'I Think We're Getting There': Highlights From Tesla's Annual Shareholder Meeting
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Tesla Inc (NASDAQ: TSLA) fostered enthusiasm among investors at its Tuesday shareholder meeting. The stock spiked on afternoon announcements and continued to trade up 4.1 percent Wednesday ahead of the open.

Here are highlights from the meeting, held in Mountain View, California. 

Board Beats Bid For Change

A “supermajority” of investors reelected Musk chairman to rout a proposed coup to supplant him.

They also rejected a push by activist investor CtW Investment Group to replace the three board members up for reelection with experts in automotives and manufacturing. Twenty-First Century Fox Inc (NASDAQ: FOXA) CEO James Murdoch, Elon Musk’s brother Kimbal Musk and venture capitalist Antonio Gracias will return for additional terms.

Production Presses On

Musk dashed any dreams of an electric motorcycle but reminded investors that the Semi, second Roadster and Model Y are on their way and slated to begin production in the first half of 2020.

Tesla expects the near-term operation of the third Fremont assembly line to support a 5,000-Model 3-per-week production rate by the end of June.

“I tell you [it's been] the most excruciating hellish several months I’ve maybe ever had, and [for] a lot of other people at Tesla,” Musk said at the event. “But I think we’re getting there.”

He also targeted production of the car’s $35,000 version for the first quarter of 2019.

CEO Says He's Not Clairvoyant

When pressed about consistently missed timelines, Musk conceded poor powers of prediction that are muddied largely by his idealism.

“I do think I have an issue with time,” Musk said. “This is something I’m trying to get better at. I’m a naturally optimistic person. I’m trying to recalibrate these estimates as much as possible.”

Musk Maintains Milestones

Nonetheless — and despite Street skepticism — Tesla continues to guide for positive GAAP net income and cash flow in the third and fourth quarters, the CEO said.

Related Links:

Tesla Fixes Model 3 Brakes To Secure Consumer Reports Recommendation

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Photo courtesy of Tesla. 

Posted-In: Elon Musk Kimbal Musk Model 3News Guidance Events Top Stories Best of Benzinga

 

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