Elon Musk remains chairman of Tesla's board of directors

Second Measure Second Measure

A new third assembly line Tesla is building at the company's Fremont, Calif., plant should help achieve the goal, he said.

"Our view is that Model 3 production won't happen on a profitable basis until later in 2019; however, as we stated in the past, if the Model 3 hits its targets, the leverage is significant", Needham analyst Rajvindra Gill wrote in a note to clients on Tuesday. While the Model S and Model X are known for price tags starting between $70,000 and $100,000, Tesla has set a $35,000 base target price for the Model 3, with a shorter-range battery, to appeal to a more mid-range, non-luxury-market vehicle customer.

Musk's timeline for the company's upcoming cars seems aggressive given the production issues it has experienced with the Model 3.

A consumer data research organization recently suggested that customers are increasingly requesting refunds on their Tesla orders.

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.

"It's insane and I think it's important to show with the Roadster that electric vehicles can outperform a gasoline auto in every way", Musk said during the meeting.

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After conceding that "staying alive" is hard in the auto industry, Musk told shareholders that Tesla will be "cash flow positive" during the second half of this year.

Tesla on Tuesday revealed to shareholders that it was working with officials in China to build electric cars and battery packs in Shanghai. Tesla's gigafactory in the USA state of Nevada makes batteries for the company's cars, which are built in northern California.

CtW, along with proxy firms Glass Lewis and Institutional Shareholder Services (ISS), had backed the proposal to separate the chairman and chief executive roles and mostly opposed re-electing the three directors. "At a lot of other companies, they're built by marketing or the finance department and there's no soul".

A 2018 Tesla Model 3 electric vehicle is shown in this photo illustration taken in Cardiff, California, US, June 1, 2018. Shares fell as much as 7 percent after Musk's snub, evaporating $2 billion from Tesla's stock market value.

"This is no longer an innovation problem, this is an execution at scale problem - unless Tesla wants to be a niche innovator chasing profitability and sucking up cash", Blank said. Musk owns a 20 percent stake in the company.

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

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