Tesla's CEO Succession Plan After Elon Musk

Tesla board of directors says Musk has someone in mind to be Tesla CEO

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It appears Elon Musk may soon have more time to spend at Tesla. The CEO confirmed he is looking for someone to run his newly acquired company — Twitter. Musk tweeted: I will continue to run Twitter until it is in a strong place, which will take some time. It's a good sign for people concerned about his other companies, like Tesla, which presently don't have the same amount of Musk's attention. The current situation has intensified concerns around the succession plan for Tesla after Musk.

CEO Succession Plans

In testimony during the trial about Musk's pay package, James Murdoch, a member of Tesla's board of directors, was asked if Musk had identified someone as a potential successor. He said, "He actually has," Reuters reported. However, who that person is, was not said, nor was a timeline.

Reuters also reported that a former board member, Antonio Gracias, testified that there have been conversations about finding an "administrative CEO." This position would oversee sales, finance, and human resources "so Musk can focus his time as chief product officer, which is his most vital function."

Musk's Views on CEO

Musk gave some insight into his views on a CEO during his testimony. CNBC reported he said, "CEO is often viewed as somewhat of a business-focused role. But in reality, my role is much more that of an engineer developing technology and making sure that we develop breakthrough technologies and that we have a team of incredible engineers who can achieve those goals." He also said, "It's my experience that great engineers will only work for a great engineer. That is my first duty, not that of CEO."

Succession was Asked in August

Gary Black, the Future Fund managing partner, asked Musk point blank about succession during the shareholders' event in August. Black said, "the thing we worry about most is not PR; it's succession. So key man risk is a big thing. How does the board think about your succession?"

Musk responded, "It's a good question. To be frank, I don't have an easy answer. Open to ideas. I'm definitely working as hard as I can, and I'm very excited about the future of the company. I think it has a very bright future even without me. I'm not leaving, to be clear." 

The CEO added that the company has an exciting road map that will be difficult to execute, but he will continue to work hard on the plan. "We do have a very talented team here, so I think Tesla would do very well even if I were kidnapped by aliens or went back to my home planet," joked Musk.

That statement is being put to the test. Musk is currently spending much of his valuable time on Twitter while the Tesla team has a lot of work to do. Tesla is preparing for the Semi launch on December 1, Full Self Driving Version 11 for wide release soon, Cybertruck production and several other projects that we have yet to be aware of. The faster Musk gets Twitter to the level he wants it to be, the faster he can focus on Tesla. But we've been given a preview of what life at Tesla may be like once the co-founder and CEO steps down.

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Tesla Improves Wrap Services: Cuts Prices Drastically, Adds New Colors and Expands Availability

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After canceling the in-house wrap program for the Cybertruck last month, Tesla has reintroduced the program with a lot of changes. Let’s take a look at the original program, then we’ll dive into what’s changed.

Tesla began the wrap program for the Model 3 and Model Y in the fall of 2023. With the arrival of the Cybertruck, Tesla launched Matte Black and Satin White options for the Cybertruck and later added 11 more colors.

These are high-quality PPF (Paint Protection Film) wraps, which protect the paint in addition to changing the color of the vehicle. PPF is thicker, lasts longer, and is far superior to traditional vinyl wraps, but unfortunately, the service is only available if your vehicle is brand new.

When the program shuttered last month, many people were disappointed about the closing as it allowed owners to bundle the cost of the wrap service into the vehicle’s financing.

New Wrap Prices

First things first - the price of the wraps has dropped considerably, and Tesla does not appear to be using a different material - it is still PPF, not vinyl. These new prices are a lot more comparable to third-party offerings that normally use vinyl wraps.

Tesla initially offered 11 wrap colors, but that selection has now been reduced to eight per vehicle. Interestingly, the color options vary by model—Model 3 and Model Y owners have their own distinct palette. The Cybertruck also boasts its own unique set of colors, though unfortunately, the popular Satin White option is absent from its catalog.

Of course, the ever-popular Matte Black is still available, along with a fairly unique set of other vivid colors.

New Locations

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When the wrap program launched, it was limited to just three locations in California and one location in Texas. That meant that unless you were taking delivery at West Covina, Oceanside, Costa Mesa, or Santa Clara, you’d be unable to get a first-party wrap done by Tesla.

Now, under the new program, Tesla is offering wraps out of all the original locations and adding Seattle, Washington. What initially seemed like Tesla scaling back its wrap service has turned out to be to them making it more affordable and efficient.

New Purchases Only

For now, the wrap offers are still constrained to new vehicle purchases—you won’t be able to have Tesla wrap a vehicle that’s already been delivered. Paint damage and scuffs can impact the installation of PPF and require additional time to smooth out the vehicle surface.

Either way, with cheaper wrap options, Tesla is now directly competing against third-party wrap shops when it comes to wrapping vehicles in PPF. While it’s still a bit more expensive than you’d find elsewhere, it also comes with a level of care and precision from technicians intimately familiar with your vehicle.

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Tesla Increases Price of Model S; Starts Offering Free Lifetime Supercharging

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For the first time in quite a while, Tesla has increased the price of one of its vehicle offerings. The Model S Long Range and the Model S Plaid have both received a hefty price increase. However, not all is bad - as Tesla also added a new benefit for buyers.

Price Increase

The price increase for the Model S is $5,000 - currently only in the United States. This price increase will likely impact other markets, including Canada, in the coming days.

The Model S Long Range now starts at $79,990, while the Model S Plaid now starts at $94,990. The Model S and Model X now have the same starting price. Interestingly, that’s also the same pricing point for the Cybertruck AWD and Cyberbeast Trimotor non-Foundation Series. 

The vehicle configuration does not appear to have changed, so the new pricing is simply an increase rather than the addition or removal of features. Tesla previously cut the price of the Model S and Model X by 15% in 2023, so this could simply be an adjustment to ensure that the vehicle pricing stays in line with inflation and other factors.

Free Lifetime Supercharging

For those on the fence about ordering a Model S, Tesla has brought back Free Lifetime Supercharging when you order a new Model S on or after December 13, 2024. As always, Free Lifetime Supercharging is restricted to the buyer’s Tesla account and to that specific vehicle. It cannot be transferred to another vehicle or another owner after ownership transfer. It’s worth noting, that it also doesn’t exclude the owner from receiving Supercharger idle fees or congestion fees. There is currently no end date for this promotion.

There are currently no changes to the Model X, neither a price increase nor the addition of Lifetime Superchargering. However, when Tesla makes changes to one of their premium vehicles, it usually affects the other one as well. So be on the lookout for potential changes to the Model X offering in the coming days.

We’ve seen Tesla value Lifetime Supercharging at $5,000, so this falls in line with the price increase we’re seeing. It’s possible that Tesla will begin to bring back Lifetime Supercharging as a perk for buying into their more premium Model S and Model X cars, or this could be another temporary promotion to get buyers who are on the fence to go ahead and make their purchase while this promotion lasts.

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