Proxy advisory firm Institutional Shareholder Services (ISS) recommended on Monday that Tesla Inc investors vote against the re-election of two of its board members, Ira Ehrenpreis and Kathleen Wilson-Thompson.
ISS cited concerns about "the board's risk oversight in light of the pledging (as collateral) of a significant amount of the company's stock by certain directors" as one of the reasons for the recommendation.
Ehrenpreis and Wilson-Thompson are both members of the Nominating and Corporate Governance committee at Tesla's management.
Big institutional investors usually take their cues on voting on company matters from proxy advisers' recommendations.
Pledging of company stock by directors or executive officers can pose a risk to the investments of outside shareholders, ISS said, adding that directors and executives with a pledged position may be forced to sell company stock, for example, to meet a margin call.
GM unveiled Monday evening the Chevrolet Blazer EV, an all-electric SUV with up to 320 miles of range and a starting price of $48,000 that CEO and Chairman Mary Barra hopes will supercharge her bid to surpass Tesla in U.S. EV sales by 2025.
The Chevrolet Blazer EV, which will go on sale in 2023 as a 2024 model year, isn’t the only impending GM electric vehicle. A slew of Cadillac and Chevy EVs are also making their way to market. But the Blazer, at its more affordable price point and in the lucrative SUV segment, could kickstart GM’s sales goals.
Internally, the confidence is high. Blazer is going be a massive statement and illustrate how GM can hit big volume segments, according to Scott Bell, Global VP of Chevrolet.
The Blazer, which was unveiled at a splashy premiere event in Hollywood, California, will sit on GM’s new Ultium architecture, the modular electric platform that offers up to 200 kWh of storage, a 800-volt architecture and is at the heart of the automaker’s EV strategy.
Details of the Blazer EV and its many trims were scant. But enough was shared to give customer’s more than a hint of what to expect by next year.
The Blazer EV will launch with five trims available: 1LT, 2LT, RS, SS, and the Police Pursuit version, which Bell told TechCrunch is a first for the company.
The rollout will be staggered, with the LT and RS trims going on sale next summer and the SS and Police Pursuit versions coming in the first quarter of 2024. However, orders opened this evening for interested buyers of any of the trims.
“That’s kind of a first, I think, the first we’ve ever done all three configurations in one product,” Bell said. “We’re gonna be very transparent with consumers and try not to over promise and under deliver. We’d like to try to keep that lined up as best we can.
We’re working hard on the manufacturing side of the house to make sure that we can build enough to keep up with demand.”
Tesla (TSLA) stock continued its modest recovery on Friday and put in its third straight day of gains as the stock rebounded up to $720. The overall equity market recovered ground, but all focus will be on the upcoming earnings season that steps up a gear this week.
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Tesla itself will report earnings mid-week on Wednesday, and then Twitter (TWTR) will report on Friday. The Elon Musk/Twitter saga looks likely to continue for some time as the latest reports have him delaying any attempt by Twitter for a quick trial.
Tesla Inc's electric vehicle (EV) sales are rapidly picking up off a low base in Australia and are set to catch up with sales of its Powerwall home batteries in the country, Chair Robyn Denholm said on Tuesday.
"We now have more than 26,500 Teslas on Australian roads, and the momentum is there," Denholm said at the Australian Clean Energy Summit in Sydney.
"I personally wouldn't be surprised if we double that number by the end of the year," she said.
Australia makes up about 1% of Tesla EV's on the road, which totalled 2.5 million globally at the end of the first quarter of 2022. EV's make up just 2% of new car sales in Australia.
"Australia is in a very unique position from an energy perspective, in that we have more Powerwalls installed in Australia than we do have Teslas on the road," Denholm said.
Home batteries are popular in Australia to go along with rooftop solar, in a country that has the highest per capita rooftop solar uptake globally.
Climate Change's Fingerprints On Ever Hotter Heatwaves The biggest obstacle to more rapid uptake of EVs is the lack of fast charging stations, Denholm said.
To speed up the rollout of fast charging stations, transformers need to be added to the grid, a process that she said was very slow in Australia compared with the rest of the region.
"These chargers need to be rolled out without delay. This is the missing piece to mass EV adoption," Denholm said. Tesla investors must vote against the re-election of 2 board members, recommending ISS
Lithium powerhouse Australia, which produces about half of all unprocessed supplies of the raw material, needs to add capacity in refining and manufacturing to help the world meet the surging demand for batteries, according to Tesla Inc. Chair Robyn Denholm.
Tesla alone will need more than 3 terabyte hours of lithium-ion batteries for electric vehicles and energy storage by 2030, compared to the industry’s current global capacity of about 1 terabyte, Denholm, who has helmed the automaker’s board since 2018, said Tuesday in Sydney. Source: MSN, techcrunch, FXstreet, ibtimes, YF, bloomberg