Tesla's 2024 annual shareholder meeting was held on Thursday in Austin, Texas, USA. The shareholder meeting attracted over one million viewers to watch in real-time. After a vote, Tesla shareholders approved CEO Musk's $56 billion compensation plan and supported Tesla's move of registered address from Delaware to Texas. At the same time, Musk also elaborated on Tesla's vision, stating that the current weekly production of Cybertruck has exceeded 1300 units, which will accelerate the production of semi-trailer truck Semis. There are still three new products to be released in the future.
Screenshots of live streaming videos
Key points of the shareholders' meeting:
Tesla shareholders have approved CEO Musk's compensation plan of $56 billion (approximately RMB 400 billion);
2. Re elect two board members: Musk's brother Kimbal Musk and media tycoon Rupert Murdoch's son James Murdoch;
3. The weekly delivery volume of Cybertruck has reached a record high of 1300 vehicles, and different versions of Cybertruck need to be produced for China and the European Union;
4. Tesla is accelerating the production of the electric semi-trailer truck Semi;
5. There are still three new products to be released in the future, one may be the low-priced Tesla launched in 2025, the other may be the Robotaxi, and the other may be commercial vehicles or small trucks;
Musk said that Tesla must make it "affordable" for ordinary people;
7. Tesla's Optimus robot will bring huge profits to the company, and starting next year, Tesla will have over 1000 or thousands of Optimus robots working at Tesla;
In terms of AI, Musk stated that in the real world, Tesla's AI is ahead of Meta, Google, and OpenAI;
9. Musk hopes that Tesla can, like Airbnb or Uber, allow car owners to add their cars to the autonomous driving fleet through an application when not in use, helping them earn money through autonomous driving.
10. Musk: Humanoid robots may increase the company's market value to $25 trillion at some point in the future.
Salary plan and relocation registration location supported
The compensation plan was revoked by a Delaware court five months ago, stating that it was improperly awarded by the board of directors due to the court's belief that Tesla's board lacked independence. Although shareholders voted in favor of this compensation plan, the voting result will not overturn the court's ruling. And Musk had already announced on X the day before the shareholder meeting that this compensation plan would be approved. Despite opposition from major investors Glass Lewis and Institutional Shareholder Services (ISS), the high vote approval rate marked a significant victory for Musk and the board.
Nevertheless, Tesla CEO may still face a long-term legal battle, and he may also face new lawsuits. Analysis suggests that shareholder approval of compensation not only acknowledges Musk's tenure, but also implies that investors acknowledge their unwillingness to let the company take risks in the future. In January of this year, Musk threatened to transfer the development of AI and robotics products from Tesla if he did not gain sufficient voting control, essentially threatening shareholder approval for the 2018 compensation plan.
A series of resolutions were also passed at the shareholder meeting, including Bosk's proposal to move Tesla's registered address from Delaware to Texas, which is the location of Tesla's largest factory in the United States. Another highly anticipated resolution is to re elect two board members: Musk's brother Kimbal Musk and media tycoon Rupert Murdoch's son James Murdoch.
Musk: Need to manufacture special versions of CyberTrucks for China and the European Union
Musk stated that a special edition of CyberTruck needs to be manufactured for China and the European Union; Tesla will begin production of the CyberTruck non Foundation series next quarter; Tesla's 4680 battery costs are higher than suppliers, but it is expected to achieve "cost parity" by the end of this year.
Musk: Tesla will begin "limited production" of Optimus Prime in 2025
At the shareholder meeting on June 13th local time, Musk promised Tesla to start "limited production" of Optimus Prime in 2025 and test humanoid robots at his own factory next year. He predicts that next year, the company will have "over 1000 or thousands of Optimus Prime robots working at Tesla"
Musk: Since January this year, 65% of advertising clients on the X platform have returned
Musk said that since January this year, 65% of advertising clients on X platform have returned, and currently small companies account for the majority of X company's advertising revenue.
Musk: Optimus robots can make Tesla a $25 trillion company
At Tesla's 2024 annual shareholder meeting, CEO Elon Musk claimed that humanoid robots may increase the company's market value to $25 trillion at some point in the future. As of Thursday's close, Tesla's market value is approximately $580 billion. According to FactSet data, the value of the entire S&P 500 index is currently $45.5 trillion.
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