During an earnings call in May, Musk said Tesla was on the road to hitting goals in coming months for the more affordable Model 3 and achieving profitability by the end of this year. In addition to the usual company presentation on operations and a likely Q&A session for investors, the most pressing issue on the agenda is a vote to require that the position of Chairman of Tesla's board of directors be filled by an independent party.
This was in spite of some stakeholders raising concern that a board with these directors lacked independence.
"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.
Model 3 production has increased to 500 cars a day, Musk confirmed. When it does debut, we can expect similar powertain options and a slightly higher price point than the Model 3.
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Musk appeared on stage visibly shaken with a quiver in his voice. 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.
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. He reiterated that the company will not need to raise money this year. Some shareholders had raised questions about their qualifications or independence.
Musk still thinks manufacturing will become a strength for the company in the long term, though he acknowledged this was a counter-intuitive prediction after Tesla's trying experiences over the previous year.
"Model Y, for example, will not have any leather in it, including in the steering wheel - even if it does have a steering wheel", he said.
We are just a few weeks out before the end of the quarter, which means that he has good insights into the status of the production going into the third quarter. Musk also expressed his pride for Tesla workers.
Tesla will eventually build 10 or 12 Gigafactories worldwide, said Musk, with the goal of localizing production at least to the continent level.