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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

Biden Cabinet confirmation schedule: When to watch hearings

Joe Biden and Kamala Harris on Jan. 16 in Wilmington, Delaware. Photo: Angela Weiss/AFP via Getty Images

The first hearings for President-elect Joe Biden's Cabinet nominations begin on Tuesday, with testimony from his picks to lead the departments of State, Homeland and Defense.

Why it matters: It's been a slow start for a process that usually takes place days or weeks earlier for incoming presidents. The first slate of nominees will appear on Tuesday before a Republican-controlled Senate, but that will change once the new Democratic senators-elect from Georgia are sworn in.

Kamala Harris resigns from Senate seat ahead of inauguration

Vice President-elect Kamala Harris. Photo: Mason Trinca/Getty Images

Vice President-elect Kamala Harris submitted her resignation from her seat in the U.S. Senate on Monday, two days before she will be sworn into her new role.

What's next: California Gov. Gavin Newsom has selected California Secretary of State Alex Padilla to serve out the rest of Harris' term, which ends in 2022.

3 hours ago - World

Putin foe Navalny to be detained for 30 days after returning to Moscow

Russian opposition leader Alexey Navalny. Photo: Oleg Nikishin/Epsilon/Getty Images

Russian opposition leader Alexey Navalny has been ordered to remain in pre-trial detention for 30 days, following his arrest upon returning to Russia on Sunday for the first time since a failed assassination attempt last year.

Why it matters: The detention of Navalny, an anti-corruption activist and the most prominent domestic critic of Russian President Vladimir Putin, has already set off a chorus of condemnations from leaders in Europe and the U.S.