Tesla board overcomes critics as investors back Musk, directors

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"But we recognize those mistakes and we're confident we know how to address them", Musk said Tuesday. Tesla previously stated a late 2019 production goal for the Model Y, but it remains unclear at this point if the company will be able to hit that target.

Tesla's shareholders were asked to vote on a proposal by one stockholder that the company's chair be an independent director, not Elon Musk, who has been chairman since 2004 and is also the chief executive officer.

Tesla's next Gigafactory, a combination auto and battery-making plant, will be built near Shanghai, a top official said during the company's shareholder meeting on Tuesday in northern California. That will go into production in the first half of 2020, along with the Semi truck and Roadster models, Musk said.

Musk had forecasted that Tesla would have produced 400,000 Model 3 vehicles by now, but has failed to produce even a quarter of that figure.

"So, we're not going to do motorcycles", Musk said.

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The all-wheel drive version of the Model 3 will come out next month, Musk said. The gathering of Tesla fans and shareholders capped several rough months for the company as it struggled to meet production numbers, and Wall Street expectations.

NBIM in March voted against Elon Musk's proposed pay package, which was valued by Tesla at $2.6 billion and may ultimately become worth much more, though it was still approved by a majority of shareholders. Kallo also mentioned the re-election of three board members as a vote of confidence in Tesla's management, adding that the company's energy storage business is an "opportunity" that is now "underappreciated" by some investors.

'As we expand our EV capabilities and commitment, we get even more excited about the role electric motorcycles will play in growing our business'.

"We are also concerned about whether these highly paid directors can help the CEO focus on solving the serious financial, production, and labor relations problems now facing Tesla", he added. "Then I had a road bike until I was 17 and was nearly killed by a truck", Musk said. "Next quarter, at the Gigafactory, we expect to make more battery capacity than all other EVs combined worldwide, including China".

Tesla has plenty of new products in the works, but one thing it will never build is a motorcycle, despite Elon Musk's penchant for biker jackets. It marks a bright spot for the company's stock after a tumultuous few months, though it's still down more than 11% from a year ago.

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