Tesla stock rose more than 4 percent in premarket trading, after the company revealed it is nearing its Model 3 weekly production rate and shareholders at Tesla's annual meeting backed Elon Musk as chairman and CEO.
Musk told shareholdersit is "extremely likely" Tesla will hit a weekly Model 3 production rate of 5,000 cars by the end of the month. Tesla has been struggling with Model 3 production issues and and faced concerns about its finances.
Tesla's head of worldwide sales Robin Ren revealed that the company plans to build its first factory outside of the U.S. in Shanghai. The Chinese government recently announced that it will allow foreign electric vehicle makers to fully own auto-factories there. Tesla's move into China is hotly anticipated, as building some vehicles there would allow the company to avoid import tariffs.
His comments came after shareholders voted to strike down two proposals intended to split up the CEO and chairman roles and shake up the company's board. The latter proposal would have removed three Tesla board members. Instead, all three were re-elected: Venture capitalist Antonio Gracias, Elon Musk's brother Kimbal Musk and 21st Century Fox CEO James Murdoch.
Musk also said the electric car maker will soon produce more batteries at its massive Nevada Gigafactory than all other electric vehicle companies combined, including those in China.
As of Tuesday's close, shares of Tesla have risen 15 percent from this year's low of $244.59 per share hit on April 2.
WATCH: Should Musk's roles be split? show chapters
Should Musk's roles be split within Tesla? 15 Hours Ago | 04:46 �� CNBC's Robert Ferris and Lora Kolodny contributed to this report.
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