by bernardmukali

On Tuesday, CEO Elon Musk faced off against a shareholder challenge to his leadership of Tesla Inc. at the electric-car maker's annual meeting.

The shareholder, who owns less than 1% of the company, had nominated two directors to the board and criticized Musk's compensation and Tesla's wastefulness.

Musk argued that the shareholder was motivated by short-term gain and that his nominees would not be good for the company. He also said that the shareholder's criticisms were "misinformation" and that Tesla was on track to become profitable this year.

The shareholders ultimately voted to re-elect Tesla's existing board.

Following the meeting, Musk answered questions from reporters on a range of topics, including Tesla's recent production troubles, the company's plans to enter the trucking business, and his personal life.

Here are some highlights from the meeting and Musk's comments:

Shareholder challenge 

The shareholder who nominated directors to the board, Jing Zhao, argued that Musk is overpaid and that Tesla wastes money.

Zhao, who owns 0.8% of Tesla's shares, said that Tesla's board should be more independent and that the company should be more disciplined about spending.

"Elon's compensation is excessive," Zhao said. "I believe he is the highest-paid CEO in the history of the car business."

Musk responded by saying that Zhao's criticisms were "completely misinformed" and that he was motivated by short-term gain.

"This shareholder is looking for a quick buck," Musk said. "They're not looking to invest in Tesla for the long term."

Musk also said that Zhao's nominees, GE veteran Linda Johnson Rice and former Yahoo executive AndreaJames, would not be good for the company.

"I believe they would significantly destructive to Tesla," Musk said.

The shareholders ultimately voted to re-elect Tesla's existing board.

Production troubles 

Musk was asked about Tesla's recent production troubles, which have delayed the launch of the company's new Model 3 sedan.

Musk acknowledged that Tesla had made "a lot of mistakes" in production, but he said that the company was on track to fix them.

"The issues that we faced were extremely difficult and challenging, but I'm confident that we have the right team in place to fix them," Musk said.

Musk also said that Tesla would be profitable this year, despite the production delays.

"I am confident that we will achieve profitability in the third and fourth quarter," Musk said.

Tesla trucks 

Musk was asked about Tesla's plans to enter the trucking business. Tesla has said that it plans to unveil a prototype of an all-electric semi-truck this year.

Musk said that the truck would have a range of 200 to 300 miles and that it would be able to recharge quickly.

"It will be pretty mind-blowing," Musk said. "It's not going to be like any truck that you've ever seen."

Musk also said that Tesla was working on a new "Megacharger" system that would allow electric vehicles to recharge in minutes.

"It will take a while to roll out, but it will be really game-changing," Musk said.

Personal life 

Musk was asked about his personal life, including his relationship with Canadian musician Grimes.

Musk said that he was "happy" with his personal life and that he was "blessed" to have Grimes in his life.

"She's an amazing person," Musk said. "I'm very lucky."

Musk also addressed rumors that he plans to move to Mars.

"I do not currently plan to move to Mars," Musk said. "Maybe one day I will, but currently I'm happy on Earth."