Elon Musk still king for Tesla shareholders, production on track, stock rallies

Shares of electric automaker Tesla jumped Wednesday, a day after the company’s shareholders voted to keep founder and CEO Elon Musk as chairman of the board.

Ticker Security Last Change Change %
TSLA TESLA INC. 236.08 +0.63 +0.27%

“This is the most excruciating, hellish several months I’ve maybe ever had,” Musk said after the vote at Tesla’s annual meeting. “But I think we’re getting there.”

Shareholder Jing Zhao proposed that Musk be stripped of the chairman title – which he has held since 2004 – because the executive is also involved with his other businesses: Solar City, SpaceX and The Boring Company, to name a few.

With the vote out of the way, Musk used the meeting to tout business. He said Tuesday that Tesla is producing 500 Model 3 vehicles a day and will likely reach the company’s goal of producing 5,000 models per week by the end of June.

The vote of confidence in Musk comes amid reports the automaker is struggling to meet production goals prompting cancellations. On Tuesday, the company told FOX Business, production is solid, despite those reports. The company did have some bottlenecking issues at its Nevada battery pack making facility known as the “Gigafactory.”

Additionally, Musk wowed shareholders at the meeting by hyping his new Roadster which costs $200,000.