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Musk in April. Photo: Alberto E. Rodriguez/Getty

Challenged by critics who wanted to take away some of his corporate power, Tesla CEO Elon Musk told shareholders today that he will break through the 5,ooo-a-week barrier for Model 3 production by the end of June.

Musk also said he will ramp up production to 10,o00 Model 3s a week over the next year, attempting to deliver the kind of news Tesla shareholders have sought about the carmaker's first mass-market electric vehicle.

Why it matters: Musk was speaking after shareholders voted down a dissident move to take away his dual title as chairman. The promise of steadily rising production seems likely to mollify investors who have driven down the company's share price.

  • After falling 1.9% during trading hours, Tesla's share price rose by 1.1% after hours as Musk spoke.
  • When a shareholder asked whether he should believe Musk's production forecasts given his record for being late, Musk joked, "I do have an issue with time. I have a condition. My brother used to say when we were catching the bus for school, he would lie about the time."
  • He said, "This is something I am trying to get better at. I am a naturally optimistic person. ... I am trying to recalibrate these estimates." He noted that his technologies eventually are launched, if not on the announced time line.

In the last question from the audience, a shareholder asked why the Model 3 has been delivered so late. "We were overconfident about automated production."

Get more stories like this by signing up for Steve LeVine's weekly newsletter, Axios Future.

Go deeper

Updated 31 mins ago - Politics & Policy

Giuliani associate Lev Parnas convicted of campaign finance crimes

Lev Parnas, a former associate of then-President Donald Trump’s personal lawyer Rudy Giuliani. Photo: Stefani Reynolds/Bloomberg via Getty Images

Florida businessman Lev Parnas was convicted Friday on charges of conspiracy to make foreign contributions to political campaigns, according to multiple outlets.

Why it matters: Prosecutors said Parnas, then an associate of former President Donald Trump's personal lawyer Rudy Giuliani, funneled over $150,000 from a Russian businessman into U.S. campaigns as part of an effort to land licenses in the U.S.'s legal cannabis industry.

Supreme Court agrees to hear challenges to Texas abortion law

Photo: Saul Loeb/AFP via Getty Images

The Supreme Court on Friday agreed to hear two cases challenging Texas' abortion law, which bans the procedure as soon as six weeks into pregnancy, but left the law in place in the meantime.

Why it matters: The court is moving extraordinarily fast on the Texas cases, compressing into just a few days a process that normally takes months. And that schedule means the court will take up Texas' ban a month before it hears another major abortion case — a challenge to Mississippi's own 2018 ban on abortions after 15 weeks.

Officials warn 5 key tech sectors will determine whether China overtakes U.S.

Illustration: Aïda Amer/Axios

U.S. intelligence officials responsible for protecting advanced technologies have narrowed their focus to five key sectors: artificial intelligence, quantum computing, biotechnology, semiconductors and autonomous systems.

Why it matters: China and Russia are employing a variety of legal and illegal methods to undermine and overtake U.S. dominance in these critical industries, officials warned in a new paper. Their success will determine "whether America remains the world’s leading superpower or is eclipsed by strategic competitors."