Tesla Model Y: New Picture Teases Bulky Design for SUV

The comments by Musk followed shareholders' votes to reappoint three directors who were up for election during the meeting: private equity investor Antonio Gracias, Twenty-First Century Fox CEO James Murdoch and food industry entrepreneur Kimbal Musk, Elon's brother.

We've still got quite a while to wait for the Model Y to appear.

The Model 3 is Tesla's first mass-market vehicle and was created to broaden the company's customer base beyond the luxury segment.

Although Musk hasn't yet said how much the Model Y will cost when it goes on sale, he added Tuesday that the automaker expects to cross a key battery-cost threshold of $100-per-kilowatt-hour later this year. The Model 3 is supposed to start at around $35k, though Tesla has yet to begin delivering those base-spec versions.

"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. "I kind of say when I think it can occur, but then I'm typically optimistic about these things". The last several months, he said, were the most "hellish" in his life.

Manufacturing has befuddled Tesla ever since Musk, 46, predicted 11 months ago that "production hell" would be ahead for the first vehicle the company was trying to make in high volumes.

"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.

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According to Tesla, shareholders voted to re-elect the three board members and to permit Musk to continue wearing both hats by a supermajority vote.

A shareholder had proposed that the company replace Musk, who has served as the chairman of Tesla's board of directors since 2004 and its CEO since 2008, with an independent chairman. The shareholders ultimately voted to keep the three men on the board of directors.

The aggressive energy storage deployment is possible because of the massive scale of the Gigafactory. The company's structure requires two-thirds backing for a shake-up.

Shares in Tesla have proved volatile in recent months and fell to a record low of about $252 in April.

Tesla founder Elon Musk smiles at a press conference for SpaceX in February.

The CEO noted that plans for the trial will be announced within the next few months.

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