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Elon Musk Is Cooking Up Something Big for Tesla

NEW YORK (TheStreet) -- Tesla Motors (TSLA - Get Report) held its annual shareholder meeting on Tuesday, and while there weren't a lot of surprises, the major takeaway is that CEO Elon Musk may do something radical with the company's patents to jumpstart his vision for electric vehicles.

At the meeting in Mountain View, Calif., Musk noted he had hoped other car companies would engage in more serious electric car programs, stating he didn't think their success would be a detriment to Tesla, despite Tesla being the most recognizable brand for electric cars. "We need all cars to go electric," Musk said during the question-and-answer portion of the meeting. He stated that there are about 2 billion cars around the world, with 100 million sold every year.

In 2013, Tesla delivered just over 22,000 vehicles, and expects to deliver over 35,000 this year, a far cry from what companies like Ford (F), General Motors (GM), Toyota (TM) and others are doing.

To combat the fact other auto manufacturers aren't doing enough as it relates to electric vehicles, Musk said he may have to do something drastic to really get the issue to come to the forefront.

"I'm contemplating doing something fairly significant on that front which would be fairly controversial as it relates to Tesla's patents, but I need to write something down to explain my reasoning," Musk said.

--Written by Chris Ciaccia in New York

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SYM TRADE IT LAST %CHG
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AAPL $129.83 1.10%
FB $79.29 0.41%
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