'Excruciating months': Emotional Musk sees Tesla emerging from 'hell'

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Musk's success wil come as an encouraging vote of confidence as he seeks to accelerate the production of the Model 3.

Tesla, which has talked about building a factory in Europe for years, plans to announce a location later this year, Mr. Musk said.

Tesla expects to make 5,000 of its Model 3 cars in a week by the end of this month, company CEO Elon Musk said Tuesday.

Despite going through what he called the "most-excruciating, hellish few months", Tesla Chief Executive Elon Musk said Tuesday that the electric carmaker is still on track to meet its lofty production goals for its latest spotlight vehicle, the Model 3 sedan. He continued: "But I think we're getting there".

"Over the past year, Tesla has failed to hit critical production milestones and has consequently seen its past progress toward profitability sharply reverse", CtW said in a letter to shareholders.

He indicated Tesla aims to build 10,000 Model 3 cars a week next year.

Musk identified one of the biggest problems with Model 3's manufacturing wasn't from humans but from automating deceptively simple human tasks. He also said a compact all-electric Tesla is down the road.

Shareholders also defeated an attempt to replace three directors up for re-election and also rejected a referendum that called for the company to have Musk relinquish his additional title of chairman to an independent director.

"Although the current leadership structure, in which the positions of Chairman and CEO are held by one person, could provide an effective leadership for Tesla at the early stage, now in this much more highly competitive and rapidly changing technology industry, it is more and more hard to oversee Tesla's business and senior management (especially to minimize any potential conflicts) that may result from combining the positions of CEO and Chairman", the proposal reads. The meeting also determined whether or not Kimbal Musk - Elon's brother - would remain with the company's board, alongside investor Antonio Gracias and Twenty-First Century Fox executive James Murdoch.

Tesla had recommended investors allow Mr Musk to keep both roles and argued that the directors were qualified.

Like Steve Jobs before him, Blank said, Musk excels as a visionary and innovator but struggles to implement that vision. "What people miss is that this is an authentic American hero and most of these heroes have in them the seeds of their own destruction".