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Tesla Inc
Tesla's annual profit plunged to its lowest level since the pandemic five years ago as it lost the title of the world's biggest electric vehicle maker to a Chinese rival and boycotts hammered sales. The EV company run by Elon Musk reported Wednesday that net income last year dropped 46 per cent to USD3.8 billion. It was the second year in a row of steep declines. The drop came despite the introduction of cheaper models and Musk's promise to remain laser-focused on the company after a foray into US politics. Still, Tesla investors have kept the faith in Musk. The stock is up 9 per cent in the past year. Musk has been urging investors to focus less on car sales and more on what he considers a bright new artificial intelligence future of robotaxis ferrying millions in cars without drivers, or even steering wheels, and robots watering plants and taking care of elderly parents. On a conference call, Musk underlined that shift by announcing Tesla had decided to close down production of t
Elon Musk, already the world's richest man, scored another huge windfall Friday when the Delaware Supreme Court reversed a decision that deprived him of a USD55 billion pay package that Tesla doled out in 2018 as an incentive for its CEO to steer the automaker to new heights. Besides padding Musk's current fortune of USD 679 billion, the restoration of the 2018 pay package vindicates his long-held belief that the Delaware legal system had overstepped its bounds in January 2024 when Chancellor Kathaleen St Jude McCormick rescinded the compensation in a case brought by a disgruntled Tesla shareholder. Tesla didn't immediately respond to a request for comment late Friday. McCormick's ruling so incensed Musk that it spurred him to spurn Delaware and reincorporate Tesla in Texas. That decision also caused Tesla's board to scramble for ways to keep its CEO happy, including a successful effort to persuade the company's shareholders to reaffirm the pay package, which was valued at USD 44.9
Elon Musk turned off many potential buyers of his Tesla cars and sent sales plunging with his foray into politics. But the stock has soared anyway and now he wants the company to pay him more -- a lot more. Shareholders gathering on Thursday for Tesla's annual meeting in Austin, Texas, will decide in a proxy vote whether to grant Musk, the company's CEO and already the richest person in the world, enough stock to potentially make him history's first trillionaire. It's a vote that has sparked heated debate on both sides of the issue, even drawing the pope's comments on it as an example of income inequality. Several pension funds have come out against the package, arguing that the board of directors is too beholden to Musk, his behaviour too reckless lately and the riches offered too much. Supporters say Musk is a genius who is the only person capable of ushering in a Tesla-dominated future in which hundreds of thousands of self-driving Tesla cars -- many without steering wheels -- w
Tesla rolled out new, cheaper versions of two of its electric car models on Tuesday in hopes the offerings will help revive flagging sales but investors dumped its stock anyway. The new Model Y, costing just under USD 40,000 with a stripped-down interior, comes in a brutal year for Tesla as it tries to attract more customers despite an aging lineup, stiff competition from foreign EV makers and anti-Elon Musk boycotts targeting the company. The reaction from the stock market after the news broke suggests the new models are not expected to help much. Investors were looking for something truly different, not an iteration of a old product, said Edmunds analyst Ivan Drury, speaking as Tesla stock dropped sharply in the last minutes of trading. I can't imagine this will bring levels back to what they want. Tesla also announced a cheaper version of its Model 3 for under USD 37,000. For New York residents taking advantage of a state rebate, the price was below USD 35,000. Tesla has talked