After describing the past few months as among the most "hellish" in his life, Musk said he expected Tesla to post a quarterly profit during the July-September period.
"It's very hard to become a mass-manufacturing auto company", Musk, 46, said after shareholders voted down a measure that would have required an independent director replace him as chairman.
This was in spite of some stakeholders raising concern that a board with these directors lacked independence. "We're confident we know how to address them".
Manufacturing bottlenecks have delayed the delivery of vehicles to customers and deferred much-needed revenue as the company continues to spend heavily on Model 3 production fixes, as well as projects in the pipeline.
Tesla has plans to build a rival to the Volkswagen Golf, Ford Focus and Vauxhall Astra within five years.
Musk appeared on stage visibly shaken with a quiver in his voice.
Contrary to recent press reports asking if Tesla might be abandoning the mass market and what happened to the $35,000 Model 3, Musk assured investors Tesla has not given up on plans to manufacture the base-level version of the vehicle.
Major shareholder funds group CtW Investment Group wants to see the voting results.
The move would have removed Musk as chairman of the Tesla board. Musk reiterated previous predictions that that will happen during the second half of this year. Here are the 5 big things Tesla are doing right now.
Tesla had recommended shareholders leave Musk with both top jobs and argued the directors are qualified. The goal, said Musk, is to be able to go nearly anywhere on earth using the Tesla Supercharger system.
It now looks as though 5,000 per week is going to be achieved before the end of June.
"Model Y, for example, will not have any leather in it, including in the steering wheel - even if it does have a steering wheel", he said.
While Musk also holds the titles of founder and chief executive at Tesla, losing the chairmanship would significantly reduce his influence over the company, in which he has a 20% stake. "Next quarter, at the Gigafactory, we expect to make more battery capacity than all other EVs combined worldwide, including China". Still just one-third complete, it already takes two hours to walk the length of the factory floor, according to Musk.