Tesla’s 2024 Annual Shareholders Meeting Showcases All From Pay Package To New EVs

At Tesla’s annual shareholder meeting in Austin on Thursday, there were multiple news that turned heads in the electric vehicle (EV) industry, but some stood out particularly the investors voted overwhelmingly to ratify Tesla CEO Elon Musk’s massive 2018 compensation package potentially worth $56 billion while announcing upcoming new EVs.

In regards to Musk’s compensation package, the non-binding vote saw 77% of shares cast in favor of reinstating Musk’s pay plan, which awards him stock options tied to ambitious operational and market capitalization milestones. It is important to note that while not legally binding, the shareholder approval provides a symbolic victory for Musk as he appeals the court ruling.

In response, Musk expressed gratitude to the crown at the meeting stating, “I just want to start off by saying hot damn! I love you guys.” Notably, investors also approved shifting Tesla’s legal domicile from Delaware to Texas, home of its biggest United States (U.S.) plant.

Three Upcoming EV Models

Aside from the pay package, Musk teased about Tesla’s next phase of new EV launches. In detail, the company plans to introduce three new EVs built on its next-generation platform including two compact vehicles and van. Interestingly, Tesla had already previewed these EV models last year in its Master Plan Part 3. 

For the compact vehicle, it could potentially be branded the Model 2 or the second-generation Roadster, originally unveiled in 2017 and aimed for production in 2020. Yet, that date has continued to shift. Although Musk stated back in February that it may arrive in 2025. 

The other model shows a taller, boxier EVs sparking speculation it could be the long-awaited “Cybervan” model. Tesla has previously expressed interest in entering the commercial and passenger van market. As for the last one, it is presumed to be Tesla’s robotaxi vehicle for an autonomous ride-hailing network. In the realm of autonomous vehicles, Musk has been promoting its robotaxi where he recently revealed it will debut on August 8th officially as the “Cybercab.” 

Tesla Moving Forward

With Tesla’s shareholder meeting spotlighting an abundant of information from shareholder approval of Musk’s pay plan to teasing the next-gen EV lineup now previewed, it also highlights Musk reporting record weekly Cybertruck output of 1,300 units. As the global EV industry closely observe Tesla, the critical years ahead as the company is set to move forward with its plans. 

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