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Ladybbird · 01-12-23, 06:07

Tesla to Begin Cybertruck Deliveries With Price Starting at $60,990

Musk Said The Car ‘Dug Our Grave’

CEO Elon Musk warned before delivery event it would take a year to 18 months to make the car a significant cashflow contributor...

BBC 1 DEC 2023

Teslas' new Cybertruck is shown on display at a Tesla store in San Diego, California, this month. Elon Musk has presented the new electric pickup truck at a delivery launch event.

Tesla is set to start deliveries of its long-delayed, much-hyped Cybertruck electric pickup on Thursday after its CEO, Elon Musk, tempered investor expectations, citing problems in ramping production of what he called a “radical” product.

Cybertruck, Tesla’s first new model in nearly four years, is critical to its reputation as a maker of innovative vehicles. At a time when the company is battling softening electric vehicle (EV) demand and rising competition, Cybertruck is also key for generating sales, though not to the extent of the company’s high-volume Models 3 and Y.

“We dug our own grave with Cybertruck,” Musk said last month, warning that it would take a year to 18 months to make the vehicle a significant cashflow contributor.

Cybertruck will be priced starting at $60,990, over 50% more than what Musk had touted in 2019 and which cost analysts have said will draw select, affluent buyers, at least initially.

The truck is made of shiny stainless steel, shaped into flat planes with few if any curves. Musk has said it is partly inspired by a car-turned-submarine in the 1977 James Bond movie The Spy Who Loved Me.

Musk drove a Cybertruck onto a stage to cheers from the crowd and later handed over vehicles to about a dozen customers at an event in Austin, Texas.

“Finally, the future will look like the future,” he said about the truck’s design, showing a video of the Cybertruck towing a Porsche 911 and beating another gasoline-powered 911 in a short race.

Tesla shares fell 1% in extended trading after closing off 1.6% at $240.08.

Musk did not announce the vehicle’s prices at the event, but Tesla’s website showed the “Cyberbeast” – the highest performance variant – and all-wheel drive versions would be sold for estimated starting prices of about $100,000 and $80,000. These would be available next year.

The rear-wheel drive version with an estimated starting price of about $61,000 would be available in 2025.

Ahead of the launch, Musk captured media attention on a different subject, giving a profanity-laced interview to the New York Times on Wednesday. He cursed advertisers who had left his social media platform X, formerly known as Twitter, because of antisemitic comment. He also said that customers who didn’t like him should judge his products by their quality, including Tesla EVs.

In 2019, Musk had said the truck would be priced at $40,000 and that the highest-end version would be able to travel 500 miles or more on a single charge. The billionaire has claimed Tesla would reach a production rate of roughly 250,000 Cybertrucks a year in 2025, though even reaching the initial delivery day took two years longer than his initial timeline. Tesla has faced “enormous challenges in reaching volume production” with the Cybertruck because of its new technology and design, Musk said.

Cybertruck’s new body material and unconventional, futuristic styling add complexity and costs to production, and threatens to alienate traditional pickup truck buyers who focus on utility, experts say.

During its 2019 reveal, Tesla’s chief designer, Franz von Holzhausen, took a metal ball to demonstrate the truck’s unbreakable “armor glass” window, only to shatter it.

A few years ago, Musk had floated the idea that if people did not like the futuristic Cybertruck design, Tesla could “build a normal-looking truck”. On recent calls and interviews he has emphasized the model’s innovation.

“The larger problem for the Cybertruck is the Cybertruck wasn’t really designed for pickup truck users,” Eric Noble, president of automotive consulting firm, The Carlab, said. “It will have a much narrower appeal than a Ram or an F series,” he said of the popular Ford F-150 pickup.

Cybertruck, which is two years behind schedule, enters a hot and highly profitable pickup truck market to compete with the likes of Ford’s F-150 Lightning, Rivian Automotive’s R1T and General Motors’ Hummer EV.

Rivian’s R1T has a starting price of $73,000, while Ford’s F-150 Lightning starts at about $50,000, meanwhile the larger and more powerful GMC Hummer EV pickup costs more than $96,000.

Cybertruck has drawn more than a million reservation holders who have put down $100 as deposits. “Tesla’s products have largely appealed to more affluent early adopter types. And this is going to be no different,” said Paul Waatti, an analyst at consultancy AutoPacific.

“It’s going to have a smaller audience than the SUVs will have, but I think it’s going to do surprisingly well.”

Ladybbird · 31-01-24, 12:33

Elon Musk Cannot Keep Tesla Pay Package Worth $55 BILLION Dollars Judge Rules

Worlds' richest man cannot keep the largest pay packet in corporate history, judge rules in Delaware case

Tesla boss Elon Musk was awarded up to $55 billion by his board of directors before shareholders took the to court

MailOnline 31 JAN 2024

Judge Kathleen McCormick found that Musk had too much control over the process and ruled in favour of the shareholders

Musk must hand back the biggest pay packet in corporate history after a judge ruled he strong-armed Tesla directors into awarding him $55 billion..

The ruling in a Delaware court comes five years after a lawsuit filed by shareholder Richard Tornetta targeted Musk and the directors of the electric car company he founded.

Chancery Court Judge Kathleen McCormick in her ruling found that the process leading to the board’s approval of his 2018 compensation package was 'deeply flawed'.

Musk had 'extensive ties with the persons tasked with negotiating on Tesla’s behalf', she found including General Counsel Todd Maron, who was his 'former divorce attorney'.

Musk immediately reacted to the ruling on his social media platform X, formerly Twitter, tweeting: 'Never incorporate your company in the state of Delaware.'

A shareholder lawsuit targeted Tesla chief executive Elon Musk

Musk was quick to react to the judges' ruling on his social media platform X, formerly Twitter

Chancery Court Judge Kathleen McCormick in her ruling found that the process leading to the boards’ approval of his 2018 compensation package was 'deeply flawed'

I recommend incorporating in Nevada or Texas if you prefer shareholders to decide matters.'

Defense lawyers said the pay plan was fairly negotiated by a committee of independent directors, contained lofty performance milestones, and was blessed by a shareholder vote that was not even required.

McCormick ordered directors back to the drawing board in a bid to come up with an appropriate pay package for the world's richest man.

'The parties are to confer on a form of final order implementing this decision and submit a joint letter identifying all issues, including fees that need to be addressed to bring this matter to a conclusion at the trial level,' she wrote.

Musk owns 13 percent of Tesla stock but announced a bid earlier this month to secure a quarter of its voting stock.

'I am uncomfortable growing Tesla to be a leader in AI & robotics without having ~25% voting control,' he wrote on X.

'Enough to be influential, but not so much that I can’t be overturned.'

Teslas' shares fell around 3 percent in the aftermath of the ruling.

Ladybbird · 18-04-24, 02:28

Tesla Asks Shareholders to Back $56BIL Pay For Musk Rejected by Judge

Delaware court in nullified compensation deal based on carmaker’s market value in January, calling it ‘unfathomable sum’

The Guardian 18 APR 2024

Tesla on Wednesday asked its shareholders to once again approve CEO Elon Musk‘s record-breaking $56bn pay that was set in 2018.

A Delaware judge rejected the pay package in January, calling it excessive and saying the company’s board failed to justify it.

Tesla to cut 14,000 jobs as Elon Musk aims to make carmaker ‘lean and hungry’

The compensation includes no salary or cash bonus, but sets rewards based on Tesla’s market value rising to as much as $650bn over the next 10 years. Tesla is now valued at over $500bn, according to LSEG data.

Musk’s pay was rejected by Kathaleen McCormick of Delaware’s court of chancery, who termed the compensation granted by the board as “an unfathomable sum” that was unfair to shareholders.

The company’s request for a new vote is an apparent attempt to bolster support for Musk’s pay package and serve as a public rejection of the court’s decision. The January ruling, which can be appealed, had nullified the largest pay package in corporate America.

“We do not agree with what the Delaware court decided, and we do not think that what the Delaware court said is how corporate law should or does work,” the board chairperson, Robyn Denholm, wrote in a letter included in the regulatory filing.

McCormick also oversaw Twitter’s July 2022 lawsuit against the entrepreneur when he tried to break his $44bn contract to buy the social media platform.

Musk’s compensation for 2023 was $0, the filing showed. The billionaire does not take a salary from the company and is compensated through stock options.

“If it is legally advisable, we suggest simply subjecting the original 2018 package to a new shareholder vote,” Tesla said in its filing.

The electric automaker also urged its investors in a regulatory filing to approve its decision to move the company’s state of incorporation from Delaware to Texas.

Shares of the world’s most valuable automaker were up 1% before the bell.

Tesla has struggled this year, failing to meet market expectations and reporting a fall in deliveries for the first time in four years. Musk announced earlier this week that he was laying off around 10% of the company’s global workforce – amounting to about 14,000 employees – amid the downturn in sales.

The overall electric car market has slowed in growth in recent months, as major manufacturers such as Ford scaled back their plans. Meanwhile, Apple laid off 600 employees this month after canceling its multibillion-dollar plan to develop a self-driving electric car.

01-12-23, 06:07	#1
Ladybbird Join Date: Feb 2011 Posts: 47,648 Thanks: 27,646 Thanked 14,458 Times in 10,262 Posts Awards Showcase Total Awards: 8	Tesla Asks Shareholders to Back $56BIL Pay For Musk Blocked by Judge Tesla to Begin Cybertruck Deliveries With Price Starting at $60,990 Musk Said The Car ‘Dug Our Grave’ CEO Elon Musk warned before delivery event it would take a year to 18 months to make the car a significant cashflow contributor... BBC 1 DEC 2023 Teslas' new Cybertruck is shown on display at a Tesla store in San Diego, California, this month. Elon Musk has presented the new electric pickup truck at a delivery launch event. Tesla is set to start deliveries of its long-delayed, much-hyped Cybertruck electric pickup on Thursday after its CEO, Elon Musk, tempered investor expectations, citing problems in ramping production of what he called a “radical” product. Cybertruck, Tesla’s first new model in nearly four years, is critical to its reputation as a maker of innovative vehicles. At a time when the company is battling softening electric vehicle (EV) demand and rising competition, Cybertruck is also key for generating sales, though not to the extent of the company’s high-volume Models 3 and Y. “We dug our own grave with Cybertruck,” Musk said last month, warning that it would take a year to 18 months to make the vehicle a significant cashflow contributor. Cybertruck will be priced starting at $60,990, over 50% more than what Musk had touted in 2019 and which cost analysts have said will draw select, affluent buyers, at least initially. The truck is made of shiny stainless steel, shaped into flat planes with few if any curves. Musk has said it is partly inspired by a car-turned-submarine in the 1977 James Bond movie The Spy Who Loved Me. Musk drove a Cybertruck onto a stage to cheers from the crowd and later handed over vehicles to about a dozen customers at an event in Austin, Texas. “Finally, the future will look like the future,” he said about the truck’s design, showing a video of the Cybertruck towing a Porsche 911 and beating another gasoline-powered 911 in a short race. Tesla shares fell 1% in extended trading after closing off 1.6% at $240.08. Musk did not announce the vehicle’s prices at the event, but Tesla’s website showed the “Cyberbeast” – the highest performance variant – and all-wheel drive versions would be sold for estimated starting prices of about $100,000 and $80,000. These would be available next year. The rear-wheel drive version with an estimated starting price of about $61,000 would be available in 2025. Ahead of the launch, Musk captured media attention on a different subject, giving a profanity-laced interview to the New York Times on Wednesday. He cursed advertisers who had left his social media platform X, formerly known as Twitter, because of antisemitic comment. He also said that customers who didn’t like him should judge his products by their quality, including Tesla EVs. In 2019, Musk had said the truck would be priced at $40,000 and that the highest-end version would be able to travel 500 miles or more on a single charge. The billionaire has claimed Tesla would reach a production rate of roughly 250,000 Cybertrucks a year in 2025, though even reaching the initial delivery day took two years longer than his initial timeline. Tesla has faced “enormous challenges in reaching volume production” with the Cybertruck because of its new technology and design, Musk said. Cybertruck’s new body material and unconventional, futuristic styling add complexity and costs to production, and threatens to alienate traditional pickup truck buyers who focus on utility, experts say. During its 2019 reveal, Tesla’s chief designer, Franz von Holzhausen, took a metal ball to demonstrate the truck’s unbreakable “armor glass” window, only to shatter it. A few years ago, Musk had floated the idea that if people did not like the futuristic Cybertruck design, Tesla could “build a normal-looking truck”. On recent calls and interviews he has emphasized the model’s innovation. “The larger problem for the Cybertruck is the Cybertruck wasn’t really designed for pickup truck users,” Eric Noble, president of automotive consulting firm, The Carlab, said. “It will have a much narrower appeal than a Ram or an F series,” he said of the popular Ford F-150 pickup. Cybertruck, which is two years behind schedule, enters a hot and highly profitable pickup truck market to compete with the likes of Ford’s F-150 Lightning, Rivian Automotive’s R1T and General Motors’ Hummer EV. Rivian’s R1T has a starting price of $73,000, while Ford’s F-150 Lightning starts at about $50,000, meanwhile the larger and more powerful GMC Hummer EV pickup costs more than $96,000. Cybertruck has drawn more than a million reservation holders who have put down $100 as deposits. “Tesla’s products have largely appealed to more affluent early adopter types. And this is going to be no different,” said Paul Waatti, an analyst at consultancy AutoPacific. *“It’s going to have a smaller audience than the SUVs will have, but I think it’s going to do surprisingly well.”*

31-01-24, 12:33	#2
Ladybbird Join Date: Feb 2011 Posts: 47,648 Thanks: 27,646 Thanked 14,458 Times in 10,262 Posts Awards Showcase Total Awards: 8	re: Tesla Asks Shareholders to Back $56BIL Pay For Musk Blocked by Judge Elon Musk Cannot Keep Tesla Pay Package Worth $55 BILLION Dollars Judge Rules Worlds' richest man cannot keep the largest pay packet in corporate history, judge rules in Delaware case Tesla boss Elon Musk was awarded up to $55 billion by his board of directors before shareholders took the to court MailOnline 31 JAN 2024 Judge Kathleen McCormick found that Musk had too much control over the process and ruled in favour of the shareholders Musk must hand back the biggest pay packet in corporate history after a judge ruled he strong-armed Tesla directors into awarding him $55 billion.. The ruling in a Delaware court comes five years after a lawsuit filed by shareholder Richard Tornetta targeted Musk and the directors of the electric car company he founded. Chancery Court Judge Kathleen McCormick in her ruling found that the process leading to the board’s approval of his 2018 compensation package was 'deeply flawed'. Musk had 'extensive ties with the persons tasked with negotiating on Tesla’s behalf', she found including General Counsel Todd Maron, who was his 'former divorce attorney'. Musk immediately reacted to the ruling on his social media platform X, formerly Twitter, tweeting: 'Never incorporate your company in the state of Delaware.' A shareholder lawsuit targeted Tesla chief executive Elon Musk Musk was quick to react to the judges' ruling on his social media platform X, formerly Twitter Chancery Court Judge Kathleen McCormick in her ruling found that the process leading to the boards’ approval of his 2018 compensation package was 'deeply flawed' I recommend incorporating in Nevada or Texas if you prefer shareholders to decide matters.' Defense lawyers said the pay plan was fairly negotiated by a committee of independent directors, contained lofty performance milestones, and was blessed by a shareholder vote that was not even required. McCormick ordered directors back to the drawing board in a bid to come up with an appropriate pay package for the world's richest man. 'The parties are to confer on a form of final order implementing this decision and submit a joint letter identifying all issues, including fees that need to be addressed to bring this matter to a conclusion at the trial level,' she wrote. Musk owns 13 percent of Tesla stock but announced a bid earlier this month to secure a quarter of its voting stock. 'I am uncomfortable growing Tesla to be a leader in AI & robotics without having ~25% voting control,' he wrote on X. 'Enough to be influential, but not so much that I can’t be overturned.' *Teslas' shares fell around 3 percent in the aftermath of the ruling.*

18-04-24, 02:28	#3
Ladybbird Join Date: Feb 2011 Posts: 47,648 Thanks: 27,646 Thanked 14,458 Times in 10,262 Posts Awards Showcase Total Awards: 8	Tesla Asks Shareholders to Back $56BIL Pay For Musk Blocked by Judge Tesla Asks Shareholders to Back $56BIL Pay For Musk Rejected by Judge Delaware court in nullified compensation deal based on carmaker’s market value in January, calling it ‘unfathomable sum’ The Guardian 18 APR 2024 Tesla on Wednesday asked its shareholders to once again approve CEO Elon Musk‘s record-breaking $56bn pay that was set in 2018. A Delaware judge rejected the pay package in January, calling it excessive and saying the company’s board failed to justify it. *Tesla to cut 14,000 jobs as Elon Musk aims to make carmaker ‘lean and hungry’* The compensation includes no salary or cash bonus, but sets rewards based on Tesla’s market value rising to as much as $650bn over the next 10 years. Tesla is now valued at over $500bn, according to LSEG data. Musk’s pay was rejected by Kathaleen McCormick of Delaware’s court of chancery, who termed the compensation granted by the board as “an unfathomable sum” that was unfair to shareholders. The company’s request for a new vote is an apparent attempt to bolster support for Musk’s pay package and serve as a public rejection of the court’s decision. The January ruling, which can be appealed, had nullified the largest pay package in corporate America. “We do not agree with what the Delaware court decided, and we do not think that what the Delaware court said is how corporate law should or does work,” the board chairperson, Robyn Denholm, wrote in a letter included in the regulatory filing. McCormick also oversaw Twitter’s July 2022 lawsuit against the entrepreneur when he tried to break his $44bn contract to buy the social media platform. Musk’s compensation for 2023 was $0, the filing showed. The billionaire does not take a salary from the company and is compensated through stock options. “If it is legally advisable, we suggest simply subjecting the original 2018 package to a new shareholder vote,” Tesla said in its filing. The electric automaker also urged its investors in a regulatory filing to approve its decision to move the company’s state of incorporation from Delaware to Texas. Shares of the world’s most valuable automaker were up 1% before the bell. Tesla has struggled this year, failing to meet market expectations and reporting a fall in deliveries for the first time in four years. Musk announced earlier this week that he was laying off around 10% of the company’s global workforce – amounting to about 14,000 employees – amid the downturn in sales. The overall electric car market has slowed in growth in recent months, as major manufacturers such as Ford scaled back their plans. Meanwhile, Apple laid off 600 employees this month after canceling its multibillion-dollar plan to develop a self-driving electric car.

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