At the event, Musk said Tesla (TSLA) would be "cash flow positive" by the end of the year, and he said it's "quite likely" that Tesla will reach its goal of building 5,000 Model 3 cars per week by the end of the month.
"The Model 3 ramp is understandably the central focus for investors as the company works to increase production", Baird Equity Research analyst Ben Kallo wrote in a research note.
"It was the most excruciating hellish several months I've ever had", he said.
"At Tesla we build our cars with love", Mr Musk said, visibly moved.
China issues statement on Sino-US trade talks
Mr Ross's China visit comes days after Washington threatened to impose extra tariffs on $50bn of Chinese goods . He spoke to reporters with Chinese Vice Premier Liu He, the top economic adviser to President Xi Jinping .
The Tesla chairman and CEO also offered updates on some future products, including the long-awaited $35,000 version of the Model 3. That will go into production in the first half of 2020, along with the Semi truck and Roadster models, Musk said.
However, the proposal was defeated by what Tesla described as a "wide majority".
The fund also voted against the re-election of board member Antonio Gracias, but backed the reappointment of James Murdoch as well as Elon Musk's brother Kimbal.
The shareholders he represents want Tesla to succeed, he said, "but the current board is an obstacle, not an aid, to these goals".
The proposal to remove Musk from his role as chairman of Tesla's board was introduced by Jing Zhao, a shareholder who has questioned whether Musk - who leads several other companies in addition to Tesla - is spread too thin.
As Tesla's 'Autopilot' feature remains in the news for all the wrong reasons, the company is looking to release a free trial of its self-driving software in the coming months, in a bid to improve public trust in its capabilities.
Tesla on Tuesday revealed to shareholders that it was working with officials in China to build electric cars and battery packs in Shanghai.