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Tesla is asking the parties involved in Elon Musk’s CEO compensation case to interpret shareholders’ ratification last week.

Following Tesla shareholders voting again for Musk’s 2018 CEO compensation plan last week, the automaker’s lawyers now have to explain to the Delaware judge how this impacts the case that rescinded the compensation.

Tesla admitted that its use of ratification was novel in this case, but it does claim that it “significantly impacts” the case in a new letter to Judge McCormick:

“The approval of ratification by Tesla’s stockholders significantly impacts the claims and issues in this action, including the court’s final judgment.”

The automaker is asking all parties involved to explain their interpretation of the impact of shareholders’ ratification.

Tesla’s own argument is that including the judge’s decision in its proxy statement informs shareholders of all the governance problems highlighted by the judge, and if they decide to move forward with the compensation regardless, which they did, the judge should approve.

A lawyer representing the shareholder in the case told Reuters that they will argue the ratification has “no legal effect”:

Greg Varallo, a shareholder attorney in the case against the pay package, said the ratification had “no legal effect” on the case and that he would explain his argument in a brief due Friday.

Legal scholars familiar with Delaware business law have all agreed that this would be a brand new use of the ratification clause, but it’s not impossible that Judge McCormick would accept Tesla’s interpretation.

The full arguments from each side should be in front of the judge by Friday.

The next hearing for the case is set for July 8, when the judge should decide on the shareholder’s attorneys. The shareholders are asking for around $5 billion in Tesla stocks, while the automaker is countering at $13.8 million.

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Tesla launches new Cybertruck RWD for $70,000, removes tons of cool features

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Tesla launches new Cybertruck RWD for ,000, removes tons of cool features

Tesla has officially launched a new version of the Cybertruck RWD for $70,000 in the US and Mexico.

It’s more expensive than previously announced and loses a ton of features, but it has more range.

Earlier today, we reported on Tesla unveiling in the Middle East a new ‘Cybertruck Long Range’.

The automaker confirmed that it had a single rear-wheel-drive (RWD) motor, but unlike the previously announced Cybertruck RWD, Tesla said it had 350 rather than 250 miles of range.

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This would point to having the same battery pack as the Dual Motor and Cyberbeast currently available.

At the time, it wasn’t clear if Tesla was launching this specific version for the Middle East or if it was the new Cybertruck RWD to replace the previously announced $62,000 version.

Now, Tesla has opened orders in the online configurator for the US and Mexico of the new Cybertruck Long Range RWD:

It starts at $70,000 before incentive – $9,000 more than the previously announced Cybertruck, but it has 100 more miles on a single charge at 350 miles.

It’s also $10,000 less expensive than the Cybertruck Dual Motor.

You not only lose a motor, but you also lose the powered tonneau. You can buy a “soft tonneau” for $750 and it increases the range to 362 miles:

The new cheaper version also loses the adaptive suspension, the lightbar at the back, the rear screen, and even the bed outlets, according to Tesla’s website.

Tesla says that deliveries are going to start in June.

Electrek’s Take

I might be wrong, but I would assume that the previously announced $61,000 Cybertruck is not going to happen. The Cybertruck is likely proving to be too low-volume to warrant producing different sizes of battery packs.

However, this version might be just to make the $80,000 Cybertruck look better.

It’s not to lose the AWD, the tonneau, the adaptive suspension, and even the bed outlets for $10,000.

These are all pretty essential features of the Cybertruck. I don’t think this version will sell much at $70,000. Maybe they get a few sales of people trying to take advantage of the $7,500 tax credit.

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This electric excavator has battery swap tech that lets it recharge in minutes [update]

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This electric excavator has battery swap tech that lets it recharge in minutes [update]

The electric construction equipment experts at XCMG just released a new, 25 ton electric crawler excavator ahead of bauma 2025 – and they have their eye on the global urban construction, mine operations, and logistical material handling markets.

UPDATE: telematics announcement.

Powered by a high-capacity 400 kWh lithium iron phosphate battery capable of delivering up to 8 hours of continuous operation, the XE215EV electric excavator promises uninterrupted operation at a lower cost of ownership and with even less downtime than its diesel counterparts.

XCMG is delivering on part of that reduced downtime promise with the lower maintenance and easier repair needs of electric equipment, and delivering on the rest of it with lickety-quick DC fast charging that can recharge the machine’s massive battery in 1.5-2 hours … but that’s not the slick bit. The XCMG XE125EV can be powered up without leaving the job site thanks to its BYD battery swap technology.

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We first covered XCMG and its battery swap technology back in January, and covered similar battery-swap tech being developed by MOOG Construction offshoot ZQUIP, as well – but while XCMG’s battery tech has been in production for several years, it’s still not widely known about in the West (even within the industry).

XCMG showed off its latest electric equipment at the December 2024 bauma China, including an updated version of its of its 85-ton autonomous electric mining truck that features a fully cab-less design – meaning there isn’t even a place for an operator to sit, let alone operate. And that’s too bad, because what operator wouldn’t want to experience an electric truck putting down 1070 hp more than 16,000 lb-ft of torque!?

Easy in, easy out

XCMG battery swap crane; via Etrucks New Zealand.

The best part? All of the company’s heavy equipment assets – from excavators to terminal tractors to dump trucks and wheel loaders – all use the same 400 kWh BYD battery packs, Milwaukee tool style. That means an equipment fleet can utilize x number of vehicles with a fraction of the total battery capacity and material needs of other asset brands. That’s not just a smart use of limited materials, it’s a smarter use of energy.

You can check out all the XE215EV’s specs at this tear sheet, and get an in-person look at the Chinese company’s latest electric excavator this week in Munich, Germany.

Telematics announcement at bauma

XCMG showcases green, smart tech at bauma 2025; via XCMG.

Earlier today, XCMG launched its next-generation Xrea Global Telematics Platform, integrating IoT, big data, cloud computing, and AI to enable what it’s caling, “seamless cross-border fleet management.”

The new telematics platform supports a dozen languages via PC and mobile interfaces, and offers real-time diagnostics, predictive maintenance, and data-driven optimization of both the vehicle and the vehicle’s batteries, empowering equipment managers and fleet operators to track fleets across town, or across time zones.

“XCMG remains committed to advancing engineering technology to empower a sustainable future. Our mission is to deliver efficient, intelligent, and eco-friendly lifecycle solutions for global clients,” said Mr. Yang Dongsheng, Chairman of XCMG Group and XCMG Machinery. “Today, 19% of our product portfolio comprises green innovations under our ‘Green Mountain’ new energy line, with full electrification across all series underway.”

SOURCE | IMAGES: XCMG; via PR Newswire.

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Tesla (TSLA) is having a terrible month, and it’s only April 10th!

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Tesla (TSLA) is having a terrible month, and it's only April 10th!

On today’s troubling episode of Quick Charge, we explore all the troubles befalling Tesla (and TSLA stock) in the month April – with top executives fleeing the ship, demand plummeting, sales slipping, government incentives at home and abroad under threat, and a raft of receipts brought on by an OpenAI lawsuit hitting the brand, it’s already a bad month for Elon … and there’s still 20 more days to go!

None of this even touches on the $43 million “backlogged” rebate scandal Tesla’s facing in Canada that’s being blamed for people’s negative attitudes about the brand (ha!) or the fact that neither the long-promised Roadster 2.0 or the Tesla Semi will see production anytime this year, either.

The word you’re looking for when you think of Tesla these days is, “cooked.”

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

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New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.

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