Musk says Tesla won’t be selling stock 

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As for the upcoming factory in China, Musk said the plan is to fund it with “local debt.”

During its annual shareholder’s meeting on June 5, Musk and Robin Ren, head of Tesla’s worldwide sales, said they planned to build a “Dreadnought” factory in China to produce batteries and assemble vehicles in the same place.

Last month, Tesla said it signed an agreement to build Gigafactory 3 in Shanghai. The company said that it would take two years to start producing cars and that eventually the factory would build 500,000 vehicles a year for Chinese customers. Tesla still needs to secure permits in Shanghai and reaching full capacity could take up to five years.

— CNBC’s Lora Kolodny contributed to this report

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