Tesla shareholders have approved CEO Elon Musk’s $56 billion pay package, the electric vehicle manufacturer announced on Thursday. This decision signifies strong support for Musk’s leadership and aims to incentivize him to remain focused on Tesla, his primary source of wealth.
Additionally, shareholders approved a proposal to relocate the company’s legal headquarters from Delaware to Texas. The approvals were confirmed at Tesla’s annual shareholder meeting held in Austin.
Tesla’s 2024 shareholder meeting included several key updates across various facets of the company’s operations. A notable achievement from 2023 was the prevention of over 20 million metric tons of CO2e emissions due to Tesla’s products. The company emphasized its commitment to sustainability, aiming for each new factory to be more efficient than the previous ones.
Tesla’s batteries continue to show impressive longevity, with Model 3 and Model Y retaining an average of 85% of their original capacity after 200,000 miles. The Model Y, priced below the average new car in the United States, offers cost efficiency comparable to mass-market vehicles on a per-mile basis.
In terms of production milestones, Tesla reported that it produced the most electric vehicles globally in 2023 and manufactured its six millionth vehicle earlier this year. The Fremont facility also broke its annual production record. The Cybertruck production is targeted to ramp up to 2,500 units per week by the end of the year.
Both Tesla shareholder resolutions are currently passing by wide margins!
♥️♥️ Thanks for your support!! ♥️♥️ pic.twitter.com/udf56VGQdo
— Elon Musk (@elonmusk) June 13, 2024
Tesla introduced upgraded versions of the Model 3 and Model 3 Performance and announced that the Model Y became the bestselling vehicle of any kind in 2023. The company also highlighted the Semi truck’s capability to replace diesel trucks, with production beginning in Reno in 2025 and ramping up in 2026.
Tesla continues to expand its Supercharger network, which is crucial for increasing EV adoption. The network is also being opened to non-Tesla electric vehicles. The 4680 battery manufacturing ramp is progressing successfully, and the company expects a 75% growth in energy storage deployments this year, following a record number of deployments in 2023.
The company generated record gross profits from its energy division, Tesla Energy, last year. Tesla reiterated that it is more than just a car company, highlighting its leadership in real-world AI. The company is no longer compute-constrained, which accelerates AI development and supports its ambitious product roadmap.
The Full Self-Driving (FSD) Supervised V12 feature was released widely earlier this year. Tesla remains confident that vision-based autonomy using end-to-end neural networks is the right approach for scalable, profitable autonomy, with more details on Robotaxi expected later this summer. Additionally, the Tesla Optimus robot, built from the ground up, is already being tested in Tesla factories.
Tesla concluded by expressing its gratitude to its shareholders for their support and advocacy in accelerating the company’s mission.
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