Musk said the company had been through "the most excruciating hellish several months that we've ever had". A damaging split at this stage between board and management would risk everything and it's clear that Tesla has a hit on its hands with the Model 3 (about half a million orders with effectively free loans amounting to nearly half a billion dollars from the deposits paid), but an engineering problem associated with building enough of them fast enough.
Elon Musk has said Tesla will never build a motorcycle - because he was nearly killed riding one when he was 17. The vehicle starts at $35,000, but now, only the $44,000 version with a long-range battery is available. By then, Tesla's production lines should have worked all the kinks out and be able to ramp up more quickly to a new model. Tesla's management had recommended shareholders to vote against that proposal. "As I said before, we do not expect to need to raise any incremental debt or equity".
Tesla shareholders also voted to confirm three members of the company's board of directors, including 21st Century Fox CEO James Murdoch and Musk's younger brother, Kimbal Musk.
(Musk is heavily involved in both SpaceX and The Boring Company, of which he is the founder and CEO of both.) Zhao's proposal noted the multi-company CEO could simply be spread too thin for the benefit of Tesla.More news: Jared Leto Is Getting His Own Joker Movie
Musk's success wil come as an encouraging vote of confidence as he seeks to accelerate the production of the Model 3.
Before the meeting started, one shareholder said the current board was "an obstacle, not an aid", to the electric auto makers success.
'Then I had a road bike until I was 17 and was nearly killed by a truck, ' Musk said. That will go into production in the first half of 2020, along with the Semi truck and Roadster models, Musk said.
Tesla, which has talked about building a factory in Europe for years, plans to announce a location later this year, Mr. Musk said. The rate of stationary storage deployment is going to grow exponentially.
In an interview with CNBC News, ARK Invest analyst Sam Korus echoed Kallo's positive sentiment about Tesla's energy business, stating that the company's progress in its battery technology could very well make Tesla around two years ahead of the competition.