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Tesla climbed as much as 4% in early trading Wednesday following the company's annual shareholder meeting in California.

On stage, a visibly emotional Elon Musk, founder and CEO of the electric carmaker, said the company will likely reach its goal of producing 5,000 Model 3 sedans "by the end of this month."

Musk, who will retain his two jobs of board chairman and CEO after shareholders voted to reaffirm his role, also announced a new factory in Shanghai, which will assemble both batteries and vehicles.

Here are the other announcements form the meeting:

Model 3 production issues have weighed on Tesla's stock price for months. Shares are down 5.3% this year as questions remain of Tesla's ability to reach production of 5,000 vehicles per week.

Wall Street is cautiously optimistic with an average price target of $316, about 9% above where shares are set to open Wednesday, but thinks the company will need to raise more cash.

"This is like ... the most excruciating, hellish several months I've maybe ever had," Musk told shareholders. "But I think we're getting there."