World’s Biggest Wealth Fund Backed Motion to Split Musk’s Roles at Tesla

World’s Biggest Wealth Fund Backed Motion to Split Musk’s Roles at Tesla

Tesla CEO Elon Musk on Tuesday revealed new details about the Model Y electric SUV during the company's annual shareholder meeting. "We expect to get into volume production by Q1 of next year".

A battery factory in China, in addition to expanding production, could allow Tesla to avoid import tariffs there. No further details were given, but Musk didn't answer another part of the question that asked whether a subcompact (B-segment) vehicle would be made, suggesting that Tesla will not go smaller than the Volkswagen Golf - at least within the five-year timeframe.

Tesla founder Elon Musk smiles at a press conference for SpaceX in February.

Tesla and its high-profile, tweeting CEO have been under the microscope in recent months after a spate of negative press over vehicle crashes, the company's cash position and the leadership style of Musk, who has snubbed financial analysts and publicly castigated the media.

So did a push to reject three board members who were up for reelection to new terms.

"We're confident we know how to address them and we are addressing them", Musk said, referring to production issues plaguing the Model 3.

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Tesla has been burning through so much cash - more than $1 billion during the first three months of this year alone - that investors have been worrying it will have to sell more stock or add to its already hefty debt load to raise enough money to survive.

Norges Bank Investment Management (NBIM) - which has a 0.5pc stake in Tesla - said it backed a proposal put forward by a small shareholder to end Mr Musk's dual roles. Musk answered a question about producing a compact vehicle smaller than the Model 3 by saying that it's likely that Tesla would offer such a auto "in the next five years".

"To ensure that Tesla is well prepared for the future, we have been undertaking a thorough reorganization of our company", the memo obtained by AFP said.

Musk told shareholders that the Tesla Model Y would be unveiled in March 2019 with production in early 2020.

The company has been engaging in so-called "burst builds", temporary periods of fast-as-possible production which it uses to estimate how many cars it is capable of building over longer periods of time. "One of the biggest mistakes we made was trying to automate things that are super easy for a human to do, and super hard for a robot". He acknowledged this was a counterintuitive prediction after Tesla's trying experiences over the past year.

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