Tesla shareholder urges to boot Elon Musk as board chairman

Rosemary Collier
May 3, 2018

In response to the proposal, the company's board recommended not to vote for replacing Musk with an independent director.

Problems with building Model 3s at a plant in Fremont, California, got so bad during the quarter that Musk has tweeted he was sleeping at the factory, automation was overrated and more humans were needed to build the cars.

"We're gonna go to YouTube". Sorry, these questions are so dry.

Shares fell 5% - about £1.8bn - in after-hours trading in the seconds after the electric auto company chief dismissed Bernstein analyst Tony Sacconaghi's question about capital requirements. According to the electric vehicle maker, this change would ensure a more linear flow of deliveries through the quarter, and would provide more breathing room to its delivery system. "I think that if people are concerned about volatility they should not buy our stock", Musk said on a conference call with investors, according to TheStreet.

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Musk's behavior, in which he took questions from a YouTube viewer while dismissing many analysts' inquiries, was seen as unbecoming of a chief executive of one of the most closely watched public companies in the world, according to some analysts' notes.

Moody's said Tesla showed progress in sustaining Model 3 weekly production above 2,000 units for three straight weeks, but that the company is still in an "intense "learn-as-they-go" process in reaching its target of 5,000 a week, a gross margin of 25% and breakeven cash flow".

"It seems that a lot of people are speculating that the specs for the Semi truck, even, I believe, the CEO of Daimler said it breaks the laws of physics", said Russell. S&P adjusted the company's credit down to a negative B rating in April 2017 - it also holds a negative outlook for Tesla going forward.

Musk said the restructuring would involve getting rid of third-party contractors that have grown out of control.

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Online investment firm AJ Bell said the company's "diminishing US$2.7bn cash position does mean that the clock is ticking for Tesla, especially as Q1's net cash outflow from operations of US$398mln comes before capital investment of US$666mln".

The Model 3's price point - thousands of dollars cheaper than Tesla's other two vehicle models -revolves around it being relatively simple to mass produce.

We'll update this page when we know more about the Tesla Model Y.

Automotive revenue rose only 1 percent from the prior quarter to $2.74 billion (roughly Rs. 18,300 crores). It said net reservations for the Model 3, including configured orders not yet delivered, exceeded 450,000 at the end of the first quarter.

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During the quarter the company burned cash at a rate of $57 million per week.

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