There finally appears to be some Tesla shareholder momentum to fire Elon Musk from the company after years of concerns being ignored by the board and most shareholders.
However, probably nothing will happen as long as the stock (TSLA) is up.
For years, we have expressed concerns about Elon Musk steering Tesla away from its mission to accelerate the world’s transition to sustainable transport and energy.
It has intensified over the last year when Musk threatened Tesla shareholders to breach his fiduciary duties, fired Tesla’s entire charging team in a kneejerk reaction, dove headfirst into a worrying social media addiction, shared countless misinformation on social media, and financed politicians who have directly attacked Tesla and whose policies go directly against Tesla’s mission.
Most of these would be firable offenses at most companies, but we also reported for years that Tesla has massive governance issues with the board basically being completely under Musk’s control despite him owning just 13% of the company.
This leaves things in the hands of shareholders, who are limited to voting once a year. During Tesla’s shareholders meeting in June 2024, they made it clear that they are still for Musk, with most of them voting in line with what the board (aka him) recommended.
Since the inauguration and Musk’s salutes, the blowback, and his response to the blowback, there seems to be more traction amongst Tesla shareholders to remove.
Currently, the most popular post on the Tesla Investor Club on Reddit, one of the biggest Tesla shareholder communities, is about removing Musk as CEO of Tesla, and there have been a few of these types of posts getting traction over the last few weeks.
The post focused on Tesla’s lack of new models other than the Cybertruck in the last 5 years and the lack of growth in delivery volumes despite the rest of the EV market growing.
It also makes the argument that Musk is not following his own guiding principles when it comes to work dedication:
Assuming a few things…
Musk is good at keeping organizations focused on long term hard to reach goals
Musk is good at managing engineering teams
Taking Musk’s own words as truth: management and engineers co-locating with production and “in person” at the office interactions are net positives.
Musk is not doing #3 and thus is no longer performing #1 and #2 at Tesla for the mission. Additionally, with his own logic, he is now in the group of employees that were let go (#4).
This is not a bad argument considering that, in addition to virtually leading six companies and working out of the White House for his new DOGE government department, he was caught literally tweeting about non-Tesla stuff in the middle of Tesla’s earnings call last week.
All that while, he rages against employees who work from home because he believes it is less productive.
While many Tesla shareholders agreed with the post, the main objection was that “the stock is up, why mess with something that works?”
This is indeed a problem for Tesla fans who want to see Musk go. With the board not doing anything, it would come down to shareholders voting the board out and forcing a confidence vote on Musk.
Shareholders are afraid that pushing Musk out would result in him selling his stock and triggering a big correction in Tesla’s stock.
Considering Tesla is currently trading at an insane price-to-earnings ratio of 200 and closer to 400 if you remove ZEV credits and the Bitcoin gain, would that be such a bad thing if it meant realigning with the mission?
Electrek’s Take
Obviously, I don’t think we would see that happen if there were a confidence vote tomorrow. I think the stock would need to come down to reality to motivate shareholders to take action.
Personally, I think being scared of a selloff because of Musk leaving is shortsighted. Tesla’s fundamentals are looking worse by the day, and this quarter should be the worst in years.
If Tesla stock doesn’t crash this quarter, Tesla will likely be trading at a 500+ P/E after reporting Q1 2025 earnings. The last time Tesla traded at these levels, Musk warned Tesla employees that the stock would get crushed “like a soufflé being smashed by a sledgehammer” if it didn’t show profit growth.
A few years later, Tesla is in an even worse situation, considering profits from its main business, automotive, are actually crashing, while profits from self-driving cars and robots are realistically still years away.
It’s true that removing Musk would likely result in a short-term stock crash, but I think it would be good for Tesla long-term.
First, Musk is undoubtedly negatively affecting Tesla’s sales. Removing him would likely give Tesla some breathing room when it comes to demand.
Secondly, Musk has created a huge liability for Tesla by consistently promising self-driving capability on all cars produced since 2016. This needs to be addressed and fixed, and Musk is clearly not the person to do this.
Tesla needs leadership to realign the company with its mission and derisk the self-driving effort. I think there’s room to still aim for Musk’s grand vision for Tesla, but without consistently lying and overpromising.
Call me crazy, but I think the company would fair better with a competent full-time CEO instead of an egomaniac wannabe oligarch who consistently lies to shareholders, engages in resource tunneling with his private competing company, and is deeply lost in one of the worst cases of social media addiction that I’ve ever seen.
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American EV automaker Rivian is expanding across the pond into the UK, hoping to tap into the region’s talent pool in artificial intelligence engineering.
Rivian is a growing American EV brand with expanding office footprints as much as its lineup of unique electric trucks and SUVs. The company is currently headquartered in Palo Alto, California, with its main production facility located in Normal, Illinois alongside plans for a second production footprint about 40 minutes outside of Atlanta, Georgia.
Other US locations currently include offices in Irvine and Carson, CA, Wittmann, AZ, and Plymouth, MI. Outside of the US, Rivian operates out of offices in Vancouver, BC, Canada, Amsterdam, Netherlands, and Belgrade, Serbia.
This morning, Rivian announced its latest international office in London, UK, which will become an AI-centric development hub.
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Rivian’s production facilities in Normal, IL / Source: Scooter Doll
Rivian to open AI Hub in the UK
According to a release from Rivian early this morning, it sees the UK as rapidly becoming a world leader in artificial intelligence engineering, and is looking to tap into that talent pool with the new international office.
While Rivian’s current Autonomy Platform enables drivers to utilize hands-free, eyes-on highway driving, the American automaker intends to continue to evolve such tech to offer greater levels of autonomous capabilities.
Rivian shared that its second-generation EVs were designed with an “AI-centric approach.” As its Gen2 vehicle fleet continues to develop and grow, the automaker has been collecting more and more data to help accelerate the improvements to ADAS technology. Per the company:
Rivian believes the combined strength of its perception platform and in-vehicle data infrastructure will enable it to build a Large Driving Model, unlocking unparalleled understanding of complex driving scenarios and accelerating the path to safer, more capable autonomous features.
Rivian said the future work done at its new UK AI hub will enable its EVs to improve in the future via over-the-air (OTA) updates. Details remain light, but Rivian shared plans to host an “AI and Autonomy Day” later this year and promised to share more about its product and technology roadmap.
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Waev, the company best known for its iconic GEM electric low-speed vehicles (LSVs), just unveiled a brand new lineup of commercial electric carts and LSVs. And this time, they’re not messing around when it comes to utility. Dubbed the Fusion line, these new lithium-ion-powered vehicles include mashups plucked from the worlds of golf carts, street-legal shuttles, and jobsite pickup trucks.
The Fusion lineup includes six different models: three designed for people-moving and three built for utility work. But all six still seem to be aimed squarely at commercial, municipal, and industrial fleets.
Whether that’s running security at a stadium, shuttling guests at a resort, or hauling equipment around a worksite, there looks to be something in the Fusion family that probably fits the bill.
On the people-moving side, Waev is offering 4, 6, and 8-passenger models, all of which feature a flip-up rear seat that converts into a cargo deck, a near ubiquitous feature among modern golf carts and LSVs with rear-facing benches that helps them pull double duty as a light utility vehicle. The feature gives them added flexibility for things like maintenance staff, hospitality transport, or even large campus tours, letting them carry a large number of passengers, yet still be capable of stacking boxes or equipment in the rear.
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The utility versions look a bit different with more muted matte black bodywork, plus come with electrically-actuated hydraulic dump beds, 2-inch ball hitches, and even orange seat belts for jobsite visibility. It’s harder to forget to put on the seatbelt when it’s blindingly orange.
And yes, the Fusion Utility Long Bed basically looks like a pickup truck built on a golf cart chassis, which I find equal parts strange and endearing. But then again, I’m the guy who infamously kicked off the great American mini-truck trend a few years ago when my hilarious little tiny-truck went viral, so maybe I’m a bit biased when it comes to fun little utility vehicles.
All Fusion models are available in both “cart” and “LSV” configurations. The carts are speed-limited to 19 mph (30.5 km/h) and come with serial numbers, making them street-legal only in limited areas that have passed local ordinances permitting golf carts to use public roads.
The LSV versions get full VINs, meet federal low-speed vehicle safety standards (meaning over a dozen regulations on manufacturing standards and safety equipment), and can be driven up to 25 mph (40 km/h) on public roads where LSVs are permitted by state law.
Waev is sticking with lithium-ion power here, specifically a 105Ah Marxon pack that’s both heated and insulated for cold-weather use. That’s a big step up from the old-school lead-acid setups still found in some fleet carts (and, if we’re being honest, still offered on some of Waev’s other vehicles).
The company claims to offer automotive-grade manufacturing processes and reliability on its vehicles, along with Bluetooth diagnostics and a smartphone app for managing the fleet.
Other upgrades include LED lighting, back-up cameras, AVAS pedestrian alert systems, and standard three-point seat belts for all passengers. Optional extras like ladder racks, beacon lights, and upgraded tires make it even easier to tailor each unit to the specific job at hand.
The Fusion line slots into Waev’s already broad family of low-speed EVs and fleet vehicles, including the steel-bodied Taylor-Dunn utility vehicles, Tiger heavy-duty tow tractors for airports and warehouses, and the classic GEM lineup that’s been a staple of street-legal fleet transport since the late ‘90s.
It also looks like Waev isn’t just trying to sell the hardware here – it’s pushing hard on full-service fleet support, too. The company is leaning on an extensive dealer network across the U.S., Mexico, Canada, and Australia, and all Fusion models are available through Sourcewell and Canoe procurement programs for simplified public-sector purchasing.
One big thing we’re not seeing, though, are the prices. It’s more of a “contact us for a quote” situation, which means exactly what you think it means. We’ll try to learn more, but don’t expect to make it out of the lot without a measurably lighter wallet.
Electrek’s Take:
This is the kind of product line that probably won’t turn heads in your local grocery store parking lot, but it’s exactly the kind of quiet EV revolution that’s transforming fleets behind the scenes. Lithium-ion golf carts and LSVs that can tow, haul, and shuttle without the noise or emissions of gas engines? That’s a win for everyone –from municipal fleets to private campuses.
And frankly, I’m here for the golf cart pickup truck vibe. Street legal, work-ready, and just weird enough to be cool. The fact that the tailgate seems to swing all the way down and doesn’t lie flat like a normal pickup truck’s gate was a swing-and-a-miss by the designers – I don’t know how that got through – but everything else looks great! And hey, I guess I could always add a pair of tailgate cables if I wanted.
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Tesla’s retro-futuristic diner with Superchargers and giant movie screens is ready to open, and I have to admit, it looks pretty sick.
This project has been in the works for a long time.
In 2018, Elon Musk said that Tesla planned to open an “old school drive-in, roller skates & rock restaurant at one of the new Tesla Supercharger locations in Los Angeles.” It was yet another “Is he joking?” kind of Elon Musk idea, but he wasn’t kidding.
7 years after being originally announced, the project appears now ready to open:
Musk said that he ate at the diner last night and claimed that it is “one of the coolest spots in LA.” He didn’t say when it will open, but Tesla vehicles have been spotted at Supercharger and people appear to be testing the dinning experience inside.
A Tesla Optimus Robot can be seen inside the diner on a test rack. It looks like Tesla might use one for some tasks inside the diner.
I think it looks pretty cool. I am a fan of the design and concept.
However, considering the state of the Tesla community, I don’t think I’d like the vibes. That said, it looks like Tesla isn’t prominently pushing its branding on the diner.
You can come and charge there, but it looks like Tesla is also aiming to get a wider clientele just for dining.
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