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Tesla’s chairwoman, Robyn Denholm, has signed a new contract with the company to prepare to sell up to $50 million worth of TSLA stock.

Denholm an Australian businesswoman who has long been the head of Tesla’s board of directors.

She came to the role after CEO Elon Musk was forced to step down from the chair as a punishment for his “take private” tweet that was deemed misleading by the SEC.

Many see her only as a figure head for the board, which is broadly believed to still be in Musk’s control for the most part. Musk’s brother Kimbal, as well as longtime friends Ira Ehrenpreis, James Murdoch, and JB Straubel, are all also on the board.

The board rarely gets involved publicly in Tesla affairs and has been known to have a “laissez faire” attitude toward Musk – even in his most controversial moments.

Despite this “laissez faire” attitude, she has been well compensated for her role at Tesla.

In 2022, she was awarded over 600,000 shares (pre reverse-split) worth over $85 million at the time. Tesla shareholders sued the company last year over what they believed to be over compensation of the board, which ended up settling and agreeing to return about $735 million in shares and cash.

Now the chairwoman appears to want to sell some of those shares that she managed to keep.

In a new SEC filing today, Tesla disclosed that Denholm has signed a new agreement late last year to sell up to 281,116 of her Tesla shares:

On October 23, 2023, Robyn Denholm, one of our directors, adopted a Rule 10b5-1 trading arrangement for the potential sale of up to 281,116 shares of our common stock, subject to certain conditions. The trading arrangement covers stock options that expire in August 2024. The arrangement’s expiration date is August 16, 2024.

As of today, that’s worth over $50 million.

Tesla also disclosed that Drew Baglino, its SVP of engineering, also has a new agreement under which he can sell up to 115,500 shares.

The new disclosure comes amid talks of CEO Elon Musk’s own next compensation plan, which the CEO wants to be enough for him to get 25% control over Tesla’s shares.

Electrek’s Take

I’m not a fan of Tesla’s board. Whether you are a fan of Elon or not, you have to admit that if a CEO started to act like that at any other major companies, the board would have gotten involved.

It’s only because it’s Tesla and Elon that the board is staying silent.

I am willing to hear other opinions and see some proof of the contrary if it’s out there, but to me, it looks like Denholm is happy not making any wave and cashing her tens of millions worth of Tesla shares every year.

Elon himself has previously described the role of chairman of the board as “honorific” and “not needed” to run Tesla.

But now, he doesn’t seem to mind for them to receive tens of millions of dollars worth of Tesla shares as long as they don’t actually do their work, which is governance and oversight of the management: him.

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Amazon puts first electric semi trucks into ocean freight operation

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Amazon puts first electric semi trucks into ocean freight operation

Southern California truck spotters will have plenty of electric semi trucks to watch out for as Amazon adds fifty Class 8 EVs to its commercial fleet.

The fully electric Volvo semi trucks purchased will haul both heavy cargo containers and customer package loads in Amazon’s first- and middle-mile operations in California. The trucks will join the hundreds of last-mile electric vans from Ford and Rivian that are already delivering packages across the golden state.

These are the first-ever electric trucks in the company’s ocean freight operations, also known as drayage operations. They’ve already started hitting the road at the ports of Los Angeles and Long Beach, with a dozen expected to be in service by the end of the year.

“We’re proud to launch our largest fleet of electric heavy-duty vehicles yet in California,” said Udit Madan, vice president of Worldwide Amazon Operations. “Heavy-duty trucking is a particularly difficult area to decarbonize, which makes us all the more excited to have these vehicles on the road today. We’ll use what we learn from deploying these vehicles as we continue to identify and invest in solutions to reduce emissions in our transportation network, and to impact sustainability in the trucking industry more broadly.”

Amazon picks Volvo VNR Electric semi

Volvo VNR Electric heavy-haul Class 8 BEV; via Amazon.

Amazon’s electric semi of choice this time is the Volvo VNR Electric. These class 8 trucks have a range of up to 275 miles with a gross combined vehicle weight rating (GVWR) of 82,000 pounds. The heavy-duty Volvo trucks ship with a number of safety features that will be familiar to Volvo Car owners, including active collision mitigation, blind-spot detection, lane departure warning, lane keeping assist, and adaptive cruise control.

Altogether, the Volvo VNRs Amazon just added to its fleet are projected to travel more than 1 million miles each year with zero harmful carbon and diesel particulate emissions coming out of their exhaust pipes.

Electrek’s Take

Volvo VNR Electric in oceanside drayage operation; via Amazon.

On the one hand, Amazon is making a big deal out of buying electric drayage trucks – which isn’t really big a deal in 2024, since that’s a legal requirement at this point. You literally can’t buy a new, internal combustion drayage truck in California as of this year.

That said, I’m a “celebrate every positive change” kind of guy, and the people who live and work around Amazon’s operations will be literally and figuratively breathing easier with these trucks in operation. As such, I’m willing to give California Governor Gavin Newsom a victory lap.

“California continues to lead the way in setting world-leading climate goals. No other state has created the kind of environment where Amazon and other businesses can lead on sustainability and take major steps forward like deploying this fleet of electric trucks,” said Gavin, in a statement. “California’s climate action continues powering our economy and creating jobs.”

SOURCE | IMAGES: Amazon.

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Polestar 2 lease price drops to $299 a month thanks to new $10k discount

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Polestar 2 lease price drops to 9 a month thanks to new k discount

Thanks to the $10,000 Polestar Clean Vehicle Incentive introduced last week, 2024 Polestar 2 lease prices are now over $120 a month cheaper.

CarsDirect reports that through May 31, the 2024 Polestar 2 Long Range Dual Motor can be leased for $299 for 27 months with $3,299 due at signing. 

The auto research portal says that’s a $50 drop in the monthly payment with $2,050 less required at signing. As a result, the effective cost fell $126, from $547 per month to $421 before taxes & fees.

The Polestar 2 Dual Motor – list price $55,300 – is a much better deal to lease than the Single Motor model – list price $49,900 – because amazingly, they have the same lease price. That’s basically a free upgrade to the Dual Motor model.

The Polestar 2 first made its debut in 2019 as the automaker’s first fully electric car. It launched in mid-2020 and the milestone 150,000th car rolled off the assembly line in August 2023.

The Polestar 2 is expected to be phased out in 2027, and company says the Polestar 7 will succeed it.

Click here to find a local dealer that may have the Polestar 2 in stock. –affiliate*

Read more: 2024 Polestar 2 first drive: Dual motor shines on the road, but the single motor’s range is a big win


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When will Tesla cars be capable of unsupervised full self-driving (SAE Level 5)?

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