Tesla (TSLA) rallies ~10% on Elon Musk’s confidence as the shorts scramble

Tesla got a head start in the premium electric vehicle segment

Proxy firms Glass Lewis and Institutional Shareholder Services (ISS) and activist investor CtW Investment Group had supported separating the chairman and CEO roles and mostly opposed the three directors, the only ones up for election this year.

After describing the past few months as among the most "hellish" in his life, Musk said he expected Tesla to post a quarterly profit during the July-September period.

In an apparent vote of confidence in Musk, shareholders rejected by a large majority a proposal on the ballot to split the chairman and chief executive roles, both of which are held by the co-founder.

Three other directors; Antonio Gracias, a private equity investor; James Murdoch, CEO of 21st Century Fox and Kimbal Musk, Elon's brother, were also re-elected as members of the board.

This was in spite of some stakeholders raising concern that a board with these directors lacked independence.

At the shareholders meeting, Musk said it is "quite likely" that Model 3 production would grow to 5,000 a week from 2,270 a week in April.

Not one to pause and take stock, Elon Musk is already teasing what comes next, and therefore we've got a new concept image of the Model Y to look at.

"We've made a lot of mistakes with Model 3 production".

Tesla is dishing out refunds for deposits on Model 3 sedans faster than deposits are coming in, a new report claims, but Tesla is refuting the report.

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.

In recent months, Tesla has been beset by critical production challenges involving its highly anticipated Model 3 sedan, accusations of poor worker safety and discrimination at company facilities, and headline-grabbing wrecks and investigations that have raised questions about the company's semiautonomous technology. Musk reiterated previous predictions that that will happen during the second half of this year.

"We did not think these individuals are a credible, independent voice for shareholders".

Musk quelled some speculation Tuesday that the automaker had given up on its plans to produce an electric semi truck by mentioning that the truck-and new Roadster-have undergone significant design improvements since their debut.

The move would have removed Musk as chairman of the Tesla board.

A next-generation Supercharger will go into production by the end of 2018. Musk also expressed his pride for Tesla workers.

"The rate of stationary storage deployment is going to grow exponentially", he added.

A battery factory in China, in addition to expanding production, could allow Tesla to avoid import tariffs there.

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