Tesla shareholders broadly follow board recommendations at annual meeting

Musk said the company aimed to hit a production run rate of 2 million vehicles per year by the end of 2022 and would continue building factories. Tesla has factories in California and Shanghai and is ramping up two more in Austin, Texas and Berlin.


Reuters | Updated: 05-08-2022 04:23 IST | Created: 05-08-2022 04:23 IST
Tesla shareholders broadly follow board recommendations at annual meeting

Tesla Inc shareholders voted in line with board recommendations on most issues at the company's annual meeting on Thursday, reelecting directors, approving a stock split and rejecting a number of proposals focused on environment and governance. Votes on three of 13 proposals did not follow board recommendations, according to preliminary tallies presented at the annual shareholder meeting in Austin, Texas.

Over board opposition, shareholders passed an advisory proposal that would increase investors' ability to nominate directors, and two board proposals did not receive supermajorities necessary to pass. Those two proposals concerned cutting directors' terms to two years and eliminating supermajority requirements.

Chief Executive Elon Musk spoke to the crowd in Texas, outlining his plans for expansion. Musk said the company aimed to hit a production run rate of 2 million vehicles per year by the end of 2022 and would continue building factories.

Tesla has factories in California and Shanghai and is ramping up two more in Austin, Texas and Berlin. Musk said Tesla might be able to announce an additional factory this year and he expected eventually to have 10-12 so-called gigafactories.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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