Elon Musk has made a bizarre statement in which he appears to complain about his smaller stake in Tesla and said that he prefers building products elsewhere unless he gets a bigger stake in the company.
The statement is particularly bizarre when you consider the fact that he himself recently sold tens of billions of dollars worth of Tesla stock to buy a grossly overpriced Twitter.
There’s currently some talk, mainly from Musk fans, about Tesla putting together a new CEO compensation package for him.
Musk completed his last CEO compensation plan, which awarded him millions of Tesla shares worth billions of dollars and made him the richest man in the world.
While most commentators don’t seem opposed to Musk having a new reasonable compensation package, the consensus is that since Musk owns 411 million shares in Tesla, representing about 13% of the outstanding shares, that’s plenty of incentives for him to perform as CEO.
However, Musk responded to this argument with the following:
Musk claims that he wants more shares in Tesla to have more “influence” on the company’s AI and robotics endeavors:
I am uncomfortable growing Tesla to be a leader in AI & robotics without having ~25% voting control. Enough to be influential, but not so much that I can’t be overturned. Unless that is the case, I would prefer to build products outside of Tesla.
The CEO of Tesla is claiming here that he prefers to build products outside of the company because he doesn’t have a big enough stake in it.
It’s important to note that Musk used to have a much bigger stake in Tesla before his botched acquisition of Twitter.
For those who don’t remember the whole debacle, 2021-2022 were an interesting few years for Musk’s Tesla ownership.
The CEO framed the idea as pressure from the media and politicians about the rich not paying taxes on unrealized gains. He said that he would voluntarily set himself up to have the biggest tax bill in US history.
However, Musk wasn’t as vocal about the fact that he was facing a giant tax bill regardless of his sale of shares, due to a large number of stock options he needed to exercise from his previously mentioned massive CEO compensation plan.
The CEO then used the proceeds from selling his Tesla shares to invest a few billions into Twitter.
He later agreed to buy Twitter and take it private for $44 billion. Musk quickly backed out of the deal despite it being signed. Twitter sued him to force him to go through with the deal, which he ultimately did.
He even told Tesla shareholders that he would stop selling shares, but then sold more anyway.
Update: Musk added that the only reason he doesn’t have a new compensation plan is due to Tesla waiting for the decision in a court case brought on by shareholders over his prior compensation plan being too excessive, according to the complaint.
This is Elon setting the stage for another wild compensation package. I bet that the board is already discussing it.
But honestly, I don’t get how he can even be CEO of Tesla at this point.
There’s a clear conflict of interest. He has repeatedly claimed recently that Tesla is an AI/robotics company and he started a separate new AI startup.
Now, he is straight up saying that he prefers building new AI products at that startup rather than Tesla because he has more control (larger ownership stake) over that startup.
Is this a clear conflict of interest, or am I missing something?
And regardless of that, are we to believe that Elon wants a bigger stake in Tesla to have more influence over AI or because he wasted his Tesla shares on an overpriced Twitter?
Only he knows the truth and we all know that the truth is only on X:
I have my doubts. But I have more than doubts and complaints this time. I have a solution.
Tesla shareholders should give Elon a new CEO compensation plan. 1 million TSLA shares per year, but there’s a catch. Every time he tweets something dumb, you take away 10,000 shares. There you go. The most efficient CEO compensation to create shareholder value. You are welcome.
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National Grid Renewables has broken ground on its 100 MW Apple River Solar Project in Polk County, Wisconsin.
The Wisconsin solar farm, which will use US-made First Solar Series 6 Plus bifacial modules, will be constructed by The Boldt Company, creating 150 construction and service jobs. Apple River Solar will generate over $36 million in direct economic benefits over its first 20 years.
Once it comes online in late 2025, Apple River Solar will supply clean energy to Xcel Energy, which serves customers throughout the Upper Midwest. According to National Grid Renewables, the solar farm will generate enough energy to power around 26,000 homes annually. It will also offset about 129,900 metric tons of carbon dioxide emissions each year – equivalent to taking 30,900 cars off the road.
“We are excited to see this project begin as it underscores our dedication to delivering clean, reliable and affordable energy to our customers,” said Karl Hoesly, President, Xcel Energy-Wisconsin and Michigan. “This project is an important step in those goals while bringing significant economic benefits to Polk County and the local townships.”
Electrekreported in February that Xcel Energy, Minnesota’s largest utility, expects to cut more than 80% – and possibly up to 88% – of its emissions by 2030, putting it on track to hit Minnesota’s goal of net zero by 2040. It also says it’s on track to achieve its clean energy goals for all the Upper Midwest states it serves – Minnesota, Wisconsin, North Dakota, South Dakota, and Michigan.
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Tesla has announced that it will finally deliver 500 kW charging as it is about to install its long-awaited V4 Supercharger cabinets.
The rollout of Supercharger V4 has been a strange one, to say the least.
Tesla has been deploying the new charging stations for two years and calling them “Supercharger V4”, but it has only been deploying the charging stalls.
Supercharger stations are made of two main parts: the stalls, which are where the charging cable is located, and the cabinets, which are generally located further back and include all the power electronics.
For all these new “Supercharger V4”, Tesla was actually using Supercharger V3 cabinets. This has been limiting the power output of the charging stations to 250 kW – although
Today, Tesla officially announced its “V4 Cabinet”, which the automaker claims will enable of “delivering up to 500kW for cars and 1.2MW for Semi.”
Here are the main features of the V4 Cabinet as per Tesla:
Faster charging: Supports 400V-1000V vehicle architectures, including 30% faster charging for Cybertruck. S3XY vehicles enjoy 250kW charge rates they already experience on V3 Cabinet — charging up to 200 miles in 15 minutes.
Faster deployments: V4 Cabinet powers 8 posts, 2X the stalls per cabinet. Lower footprint and complexity = more sites coming online faster.
Next-generation hardware: Cutting-edge power electronics designed to be the most reliable on the planet, with 3X power density enabling higher throughput with lower costs.
Tesla reports that its first sites with the new V4 Cabinets are going into permitting now. The company expects its first sites to open next year.
We recently reported about Tesla’s new Oasis Supercharger project, which includes larger solar arrays and battery packs to operate the charging station mostly off-grid.
Early in the deployment of the Supercharger network, Tesla promised to add solar arrays and batteries to all Supercharger stations, and Musk even said that most stations would be able to operate off-grid.
While Tesla did add solar and batteries to a few stations, the vast majority of them don’t have their own power system or have only minimal solar canopies.
Back in 2016, I asked Musk about this, and he said that it would now happen as Tesla had the “pieces now in place” with Supercharger V3, Powerpack V2, and SolarCity:
It took about 8 years, but it sounds like the pieces are now getting actually in place with Supercharger V4, Megapacks, and this new Oasis project.
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Hyundai has a new secret weapon it’s about ready to unleash. To revamp the brand in China and counter BYD’s surge, Hyundai is launching a new AI-powered EV next year. The new model will be Hyundai’s first dedicated electric car for the world’s largest EV market.
With the help of Haomo, a Chinese autonomous startup, Hyundai will launch its first EV equipped with generative AI. It will also be its first model designed specifically for China.
A Hyundai Motor official said (via The Korea Herald) the company is “working to load the software” onto the new EV model, “which will be released in the Chinese market next year.” The spokesperson added, “The level of autonomous driving is somewhere between 2 and 2.5.”
In comparison, Tesla’s Autopilot is considered a level 2 advanced driver assistance system (ADAS) on the SAE scale (0 to 5), meaning it offers limited hands-free features.
With Autopilot, you still have to keep your eyes on the road and hands on the steering wheel, or the system will notify you and eventually disengage.
Haomo’s system, DriveGPT, unveiled last spring, takes inspiration from the OpenAI’s popular ChatGPT.
The system can continuously update in real-time to optimize decision-making by absorbing traffic data patterns. According to Haomo, DriveGPT is used in around 20 models as it looks to play a bigger role in China.
Hyundai hopes new AI-powered EV boosts sales in China
Electric vehicle sales continue surging in China. According to Rho Motion, China set another EV sales record last month with 1.2 million units sold, up 50% from October 2023.
Over 8.4 million EVs were sold in China in the first ten months of 2024, a notable 38% increase from last year.
BYD continues to dominate its home market. According to Autovista24, BYD accounted for 32.9% of all PHEV and EV (NEV) sales in China through September, with over half of the top 20 best-selling EV models.
Tesla was second with a 6.5% share of the market, but keep in mind these numbers only include plug-in models (PHEV).
Like most foreign automakers, Hyundai is struggling to keep up with the influx of low-cost electric models in China. Beijing Hyundai’s sales have been slipping since 2017. Through September, Korean automaker’s share of the Chinese market fell to just 1.2%.
According to local reports, Hyundai is partnering with other local tech companies like Thundersoft, a smart cockpit provider, and others in China to power up its next-gen EVs
With its first AI-powered EV launching next year, Hyundai hopes to turn things around in the region quickly. The new model will be one of five to launch in China through 2026.
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