World's biggest investor in clash with Tesla over Elon Musk's dual role

Tesla got a head start in the premium electric vehicle segment

Norway's $1 trillion wealth fund said on Wednesday it had backed an initiative to wrest the role of chairman away from Tesla Chief Executive Elon Musk.

Tesla has been struggling to ramp up production of its new Model 3 sedan, which is crucial to the company's long-term profitability.

During Tesla's annual shareholder meeting on Tuesday, CEO Elon Musk said the Model 3 could arrive earlier for some customers than the company's website indicates.

He said the vehicle would be unveiled in March and begin production in 2020 along with Tesla Semi and the new Roadster.

If Tesla makes good on that promise, it may assuage some investors' fear.

Model 3 production has increased to 500 cars a day, Musk confirmed. "We just did a big set of upgrades, and it's quite likely that we will achieve a 5,000 auto a week (production rate) by the end of this month", Musk said.

More news: Facebook Kills Off Trending Topics Feature

It usually costs Tesla auto owners $1,000 to upgrade their vehicles with Autopilot, or up to $5,000 to have the feature included at purchase.

Interestingly, Musk made a comment that the new crossover may actually lack a steering wheel but we think he was probably just making a joke. The shareholder votes also went according to plan, although Kallo thinks the wide margin of the board re-election is a vote of confidence in current management.

One of the more dramatic moments of the meeting came when Musk narrowly survived an attempt to oust him from the position of chairman by one of the board's directors.

Cal/OSHA requires large employers including Tesla to send injury rate data for 2017 by July 1, and Tesla could share that information with the public, Michaels said.

"We are also concerned about whether these highly paid directors can help the CEO focus on solving the serious financial, production, and labor relations problems now facing Tesla", he added. The company may announce more details about that factory as soon as next month, Musk said, then reveal plans for another to be built somewhere in Europe toward the end of 2018. With manufacturing numbers months behind schedule and Tesla burning through cash, some critics believe "Elon time" threatens to jeopardize the company's relationship with Wall Street, putting Tesla's future at risk.

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