Tesla's Shareholder Meeting Bombshell: $56 Billion Pay, Battery Breakthroughs, and Cybertruck Chaos
Tesla shareholders have approved CEO Elon Musk’s staggering $56 billion pay package, underscoring their unwavering confidence in his vision. This monumental decision not only fortifies Musk's leadership but also aligns his focus even more closely with the company that constitutes the majority of his wealth.
The shareholder backing extends beyond compensation matters, as a major proposal to relocate Tesla’s legal headquarters from Delaware to Texas was also given the green light. These decisions were made during Tesla’s annual shareholder meeting held in Austin, reflecting a strategic pivot that many believe could streamline operations and fiscal efficiency.
Sustainability and Production Triumphs
Tesla used the platform to highlight its considerable achievements over the past year. Notably, the company's initiatives have prevented over 20 million metric tons of CO2e emissions, a testament to its commitment to sustainable practices. Each new Gigafactory aims to be more resource-efficient, embodying Tesla's environmental ethos.
In another proud announcement, Tesla highlighted the impressive endurance of its vehicles’ batteries. The Model 3 and Model Y cars have retained an average of 85% of their original capacity even after logging 200,000 miles. Furthermore, the Model Y undercuts the average price of new vehicles in the U.S., promoting both ecological and economic efficiency for everyday drivers.
Record-Breaking Manufacturing Feats
On the production front, Tesla reported monumental successes. The company produced more electric vehicles than any other global manufacturer in 2023, hitting the milestone of six million vehicles earlier this year. The Fremont factory alone shattered its annual production records, showcasing Tesla's relentless drive for automotive excellence.
The much-anticipated Cybertruck is also on the brink of a significant step forward, with production expected to ramp up to 2,500 units per week by the end of the year. A video shared by Musk on social media captured the excitement:
Both Tesla shareholder resolutions are currently passing by wide margins!
♥️♥️ Thanks for your support!! ♥️♥️ pic.twitter.com/udf56VGQdo
— Elon Musk (@elonmusk) June 13, 2024
Product Line Expansion and Innovations
2024 also saw Tesla launch upgraded versions of the Model 3 and Model 3 Performance, while the Model Y reigned supreme as the best-selling vehicle of any kind throughout 2023. The company's advancements aren’t limited to passenger vehicles; Tesla’s Semi truck is set to revolutionize trucking, with production commencing in Reno in 2025.
As part of their strategy to bolster EV adoption, Tesla continues to expand its Supercharger network, now accessible to non-Tesla electric vehicles. Concurrently, the 4680 battery manufacturing ramp is progressing splendidly, and the energy storage sector is poised for a 75% increase in deployments, following a record-breaking year in 2023.
A New Era in Autonomous Driving and AI
Tesla’s advances in real-world AI further solidify its multifaceted identity, beyond just an automaker. The company’s cutting-edge AI developments are no longer constrained by computational limits, accelerating innovations in both vehicle autonomy and beyond. The Full Self-Driving (FSD) Supervised V12 was released earlier this year, anticipated to pave the way for the company's ambitious Robotaxi project slated for more details this summer.
Moreover, the Tesla Optimus robot is already making strides within Tesla factories, another glimpse into the future of automation and productivity enhancement.
Toward the end of the meeting, Tesla extended heartfelt gratitude to its shareholders:
Thank you to all our shareholders who came to today’s meeting or watched the livestream.
We truly appreciate your advocacy & support in accelerating our mission.
— Tesla (@Tesla) June 13, 2024