Tesla CEO Elon Musk has survived a vote that could have seen him removed as chairman of the board.
Tesla has been no stranger to drama over the years, but recent events have been particularly troubling – even by Tesla standards.
First, there was news that the Tesla Model 3, the company’s first mass-market car, was facing “production hell“.
While delays were common with other Telsa models, the Model 3 represents the future of the company.
As stated in Tesla’s quarterly financial report, their “future business depends in large part on our ability to execute on our plans to manufacture, market and sell the Model 3 vehicle”.
In other words, the Model 3 needs to be a success if Telsa hopes to be profitable and viable in the long term.
It also didn’t help that Elon set an ambitious production target of 2500 Model 3’s per week when in reality Telsa could only produce a little under 2000.
The production nightmare alone would be enough for investors to be nervous. However, on March 23 the unthinkable happened.
Tesla’s patented ‘Autopilot’ mode, which is essentially a very smart cruise control with lane detection, was enabled in a car crash that killed the driver. While speculation remains as to the cause of the accident, it couldn’t have come at a worse time for Musk who is trying to elicit public trust in the system.
Musk continues to remain a popular and likeable figure despite continued controversy. Perhaps it’s his unshakable vision for a better future with fewer emissions or his plans to make space travel affordable. Maybe it’s his undeniable coolness – after all, when was the last time a company developed a limited edition flamethrower?
Whatever the case, Musk probably has many more sleepless nights ahead of him – but if anyone can turn Tesla around, it’s Elon.