• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

2

Apple’s Steve Wozniak says he cofounded the tech giant after 5 rejections from HP—not to ‘make money.’ For years, his paycheck was just $50

3

Indeed chief economist says we’re entering an era of ‘great mismatch’ thanks to a generational imbalance of workers

1

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

2

Apple’s Steve Wozniak says he cofounded the tech giant after 5 rejections from HP—not to ‘make money.’ For years, his paycheck was just $50

3

Indeed chief economist says we’re entering an era of ‘great mismatch’ thanks to a generational imbalance of workers

6 Things We Just Learned from Tesla’s Shareholder Meeting

By
Kevin Kelleher
Kevin Kelleher
Down Arrow Button Icon
By
Kevin Kelleher
Kevin Kelleher
Down Arrow Button Icon
June 5, 2018, 8:57 PM ET

There were no fireworks after all, but Tesla’s shareholder meeting on Tuesday still had plenty to offer the automaker’s fans and critics alike.

After a couple of months of Tesla CEO Elon Musk chiding Wall Street analysts and growing combative with his critics on Twitter following a history of missing production goals, Tesla’s annual meeting was by comparison a sedate affair—although Musk did grow emotional defending the company’s ideals and managed to relate some biographical insights. Here are some takeaways from the meeting.

Musk will remain chairman

Two of the measures proposed by shareholders would have replaced Musk with an independent chairman and removed three board members (including Musk’s brother) who were up for re-election. Two influential proxy advisors had opposed the re-elections, but in the end, Tesla said both measures failed by a wide margin.

Musk choked up while affirming production goals for the Model 3

Tesla skeptics had argued that the company would not be able to meet the production goals for its Model 3 cars. But Musk grew emotional while assuring shareholders that production lines, which can now build as many as 3,500 Model 3’s a week, would soon rise to 5,000 a week. “It’s quite likely that we’ll achieve 5,000 at the end of the month,” Musk said. “It’s like, whew. I tell you, it’s like the most excruciating and hellish several months I’ve maybe ever had. But I think we’re getting there.”

Musk also choked up while defending Tesla’s mission. “At Tesla we build our cars with love,” he said. “At a lot of other companies, they’re built by marketing or the finance department and there’s no soul. We’re not perfect, but we pour our heart and soul into it and we really care.”

Tesla is still not planning to raise more cash soon

Musk reiterated a forecast that he made during Tesla’s last earnings call. “It’s really looking like we’re going to have positive GAAP net income next quarter as well as positive cash flow in Q3 and Q4,” he said. (Positive cash flows will help Tesla finance it operations without raising new capital.) “And we do not expect to raise any incremental debt or equity.”

Tesla’s shares had been slumping since their peak last summer amid concern that Model 3 production delays would weigh on its finances and force it to raise more cash. The company’s share price fell 2% Tuesday before the meeting, but had more than made up that ground after it finished during extended trading.

“Fully vegan vehicles” is a thing

Tesla began using synthetic leather on its seats last year, but representative from PETA asked about the company’s continued use of leather on Tesla steering wheels and gear shifts. The company replied that customers can special order “fully vegan vehicles” if they so choose. Musk added that the upcoming Tesla Y would use no leather at all.

Tesla won’t sell motorbikes because Musk nearly died on one

Although Musk was sporting a leather (!) motorcycle jacket over a Butter Robot t-shirt during the meeting, he said Tesla has no plans to expand into motorcycles.

Here’s Musk’s explanation why. “I actually used to ride motorcycles when I was a kid, and did dirt-biking for like eight years or something, and had a road bike until I was 17 and was almost killed by a truck,” he said. “So we’re not going to do motorcycles.” (Musk also crashed an expensive McLaren F1 in 2000, although that didn’t deter him from manufacturing cars.)

Musk knows he’s terrible at keeping to schedules

After a shareholder said his trust in Tesla’s timelines had eroded, Musk replied: “I think I do have issues with time. I have a condition: When my brother and I were catching a bus to school he would lie about the time. He would say it was later than it actually was, and we would always catch the bus.”

For shareholders weary about Tesla’s production delays, Musk held out hope. “I’m trying to recalibrate these estimates as much as possible,” he said. “I could say when I think it will occur, but I’m typically optimistic about these things. Hopefully less optimistic over time.” Tesla’s rise is due in good part to Musk’s optimism. A little more realism may just help the company to keep growing.

About the Author
By Kevin Kelleher
See full bioRight Arrow Button Icon

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in

Someone leafs through titles stacked in a library
AIResearch
AI hallucinations are infiltrating expert work—and entering the permanent body of knowledge
By Tristan BoveMay 24, 2026
51 seconds ago
Marc Perry, Toyota Alabama president and Jack Crowley in the lab with the students.
AIJobs
As AI wipes out white-collar jobs, one Alabama high school and Toyota are training students for roles that pay $40 an hour and can’t be automated
By Jake AngeloMay 24, 2026
60 minutes ago
It took over a decade, but NextDecade’s longshot bet to lead Texas LNG is finally paying off
EnergyLNG
It took over a decade, but NextDecade’s longshot bet to lead Texas LNG is finally paying off
By Jordan BlumMay 24, 2026
2 hours ago
Secret Service shoot and kill suspect who fired at White House checkpoint; bystander was also struck but Trump was not affected
Europegun violence
Secret Service shoot and kill suspect who fired at White House checkpoint; bystander was also struck but Trump was not affected
By Darlene Superville, Alanna Durkin Richer and The Associated PressMay 23, 2026
8 hours ago
Ukrainian drone attack causes fire at Russian oil terminal used for exports as Kyiv expands long-range strike capabilities
PoliticsRussia
Ukrainian drone attack causes fire at Russian oil terminal used for exports as Kyiv expands long-range strike capabilities
By The Associated PressMay 23, 2026
10 hours ago
U.S. reaches limit of sanctions power in targeting Iran’s economy
PoliticsIran
U.S. reaches limit of sanctions power in targeting Iran’s economy
By Magdalena Del Valle and BloombergMay 23, 2026
10 hours ago

Most Popular

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
Success
Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
By Preston ForeMay 21, 2026
3 days ago
Apple’s Steve Wozniak says he cofounded the tech giant after 5 rejections from HP—not to ‘make money.’ For years, his paycheck was just $50
Success
Apple’s Steve Wozniak says he cofounded the tech giant after 5 rejections from HP—not to ‘make money.’ For years, his paycheck was just $50
By Preston ForeMay 22, 2026
2 days ago
Indeed chief economist says we’re entering an era of ‘great mismatch’ thanks to a generational imbalance of workers
Success
Indeed chief economist says we’re entering an era of ‘great mismatch’ thanks to a generational imbalance of workers
By Emma BurleighMay 22, 2026
2 days ago
Microsoft reports are exposing AI's real cost problem: Using the tech is more expensive than paying human employees
AI
Microsoft reports are exposing AI's real cost problem: Using the tech is more expensive than paying human employees
By Jake AngeloMay 22, 2026
2 days ago
Elon Musk's SpaceX IPO filing just told us what business he's betting on for the future—and it's not rockets
Investing
Elon Musk's SpaceX IPO filing just told us what business he's betting on for the future—and it's not rockets
By Shawn TullyMay 23, 2026
1 day ago
Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics
Future of Work
Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics
By Mike Householder and The Associated PressMay 17, 2026
7 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.