In a recent post on X, Elon Musk announced that 90% of retail shareholders who have voted so far, have voted in favor of two key resolutions ahead of the upcoming shareholder meeting on June 13th.
The Resolutions
These resolutions are two major pieces for Tesla – the first being Musk’s compensation package re-approval, and the second being to move the company’s location of incorporation from Delaware to Texas.
Both resolutions stemmed from a recent Delaware ruling that the 2018 shareholder vote that decided Elon Musk’s compensation package was invalid. Musk’s compensation package was a performance-based package that would pay out in share options – not exercisable until at least 2027. These shares total about $56 billion USD in compensation.
These resolutions have been met with some controversy within the Tesla community, with some shareholders arguing that the compensation package is excessive, and that the reincorporation decision was made without proper shareholder consultation or proper corporate research.
Percentage Needed to Win Vote
In terms of the resolutions, the resolution to re-approve the performance-based pay package only requires a majority vote for the number of shareholders that decided to vote. This means that shareholders that did not vote their shares will be treated as if they abstained, and these shares will not count against the vote.
For the move to Texas, an absolute majority of 50% of all shares is required.
Overwhelming Support
Tesla’s retail shareholders – who own approximately 40% of the company – or 47% relatively if you factor out Elon Musk and Kimbal Musk’s ownership (who cannot vote due to conflict of interest), are overwhelming in favor of re-approving the compensation package and move to Texas.
This indicates that outside of major corporate investors, Elon Musk has a favorable impression with Tesla shareholders – having delivered the value that he initially promised in his performance package.
Institutional Voters
It remains to be seen how the rest of the stock owners – both institutional and other large individual shareholders – will vote. Some major institutional voters have voted in support of the package and the move to Texas, while others have already voted against both. The institutional shareholders account for 53% of the relative shares available to vote with.
How to Vote
Tesla has a page dedicated to how to vote your your Tesla shares. The process differs slightly based on your broker. You can read the directions directly from Tesla.
Result Announcement
We’ll find out all the details on the final outcome of the vote – and its implications and impacts on Tesla and Elon Musk, this Thursday, June 13th.
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Tesla has announced steep price increases for its vehicles in Canada, with adjustments of up to CA$9,000 set to take effect on February 1, 2025. This move impacts nearly all models, with the Model 3 Performance trim seeing the steepest hike, rising from $70,990 to $79,990 Canadian. The Model Y, Model S, and Model X will each see a flat increase of CA$4,000 across all trims. Notably, the Cybertruck remains unaffected by these changes.
These price hikes coincide with the expiration of Canada’s federal EV incentive program, which previously offered CA$5,000 rebates on eligible vehicles, further increasing the price of Tesla vehicles.
Additionally, the Canadian dollar’s recent decline against the US dollar and looming trade tensions between the U.S. and Canada may have influenced Tesla’s decision. President Trump proposed a 25% tariff on Canadian goods, and Tesla may be expecting Canada to retaliate with a similar tariff on US goods. However, it’s interesting that Tesla has chosen to raise prices so drastically before any tariffs have been announced.
Price Increases
Model
Price Increase
Model 3 Long Range RWD
CA $4,000 ($2,800 USD)
Model 3 Long Range AWD
CA $8,000 ($5,600 USD)
Model 3 Performance
CA $9,000 ($6,300 USD)
Model Y
CA $4,000 ($2,800 USD)
Model S
CA $4,000 ($2,800 USD)
Model X
CA $4,000 ($2,800 USD)
Cybertruck
$0
Buyers
This could be a critical time to act for prospective buyers, with the price increase going into effect in just about a week. Tesla’s online configurator allows customers to lock in current prices by placing an order before February 1st. The company’s referral program also offers CA$1,300 off Model Y, Model S, and Model X purchases, providing additional savings before the price hike takes effect.
It’s not clear how much these adjustments will impact Tesla sales in Canada. If the increases are related to an upcoming tariff, then they’ll impact other manufacturers as well. We may see a potential surge in orders ahead of the February 1 deadline, especially for the AWD and Performance variants of the new Model 3, which will see the largest increase.
The price increase is expected to impact the new Model Y as well, which was announced last night for North America and Europe. Deliveries for the new model begin in March.
If you’re on the fence about whether you should order a new Tesla, now may be a good time to place your order. Tesla offers the ability to cancel your order, but buyers would lose their deposit.
Tesla has officially launched the refreshed Model Y in North America and Europe, just 13 days after the launch for the Asia-Pacific Markets.
Just like the other markets, Tesla will be starting with the Launch Edition, which will include FSD and Acceleration Boost. It will also include other smaller details such as Launch Edition badging, puddle lights, special wordmark logos on the door sill plates, and wireless charging pads, as well as an exclusive textile trim and black vegan suede interior.
The new Model Y is available for pre-order immediately but will only begin shipping in March, which is surprisingly sooner than the market where it was initially unveiled. Due to the new model, Tesla has also begun to offer some compelling inventory discounts for the now, last-gen Model Y.
Pricing
Pricing for the new Model Y includes the Launch Edition package - similar to the Foundation Series Cybertruck pricing - a premium launch bundle that will give you a fair amount of additional features and get you earlier access to the new Model Y.
What’s unique with this launch is that color and wheel selection are included in the price - so you can choose from Stealth Grey, Pearl White Multicoat, Ultra Red, and Quicksilver in North America and Black/Quicksilver in Europe without any additional fees. You can also pick from the 19” Crossflow wheels or the 20” Helix 2.0 wheels in North America, while Europe is limited to the 20” Helix 2.0 wheels.
Not a Tesla App
Tesla did not announce the price for the non-Launch Edition versions of the vehicle. This includes the RWD, Long Range AWD, and Performance variants. We’ll likely see these launch in the coming months but expect Tesla to continue to sell the Launch Edition as long as there’s demand. Given that the Model Y is the world’s best-selling vehicle, it could be a while before we see a non-bundle version.
Tesla’s site currently only lists the new Model Y with its Long-Range All-Wheel Drive variant. The Long-Range Rear-Wheel Drive variant is currently unavailable in North America and Europe, but the specs are listed on the “Compare Models” page.
Model
Price (USD)
Price (CAD)
Price (EU)**
New Model Y LR AWD
$59,990
$84,990
€49,990
2024 Model Y Performance
$51,490
$73,990
€52,990
2024 Model Y LR AWD
$47,990
$68,990
€58,990
2024 Model Y LR RWD
$44,990
$64,990
€61,990
*Canadian Prices include the recent price increase.
**EU prices may vary by ordering nation.
The new Model Y comes in well above the price for the Performance variant of the previous Model Y. However, remember that this includes the $2,000 Acceleration Boost package, the $8,000 FSD package, and all of the other smaller add-ons. If you were already planning to buy the FSD and Acceleration Boost packages, it ends up being a decent deal, but the biggest attraction is the ability to get your Model Y much sooner.
Metallic infrared reflective coating on all glass for better heat reflection
Power-actuated second-row vents
One stalk for signaling. Shifting is now on the main screen.
The front-end view.
Not a Tesla App
Asia-Pacific Differences
RWD Variant: There are three key differences for the North American and European launches, versus the Asia-Pacific launch. First off, the Long Range Rear-Wheel Drive variant isn’t available for ordering at this time. That’s a pretty big hit - because it was the far more affordable version of the refreshed Model Y. With the new pricing forcing buyers to buy FSD and Acceleration Boost, making it more expensive than the Performance model, it could lead some buyers to hold off until the Launch Edition is over.
Glacial Blue: Second, the new color - glacial blue - isn’t making its way to North America or Europe at this time. In fact, the color palette for the Model Y appears to be limited to Stealth Grey, Pearl White Multicoat, Ultra Red, and Quicksilver in North America and just black and Quicksilver in Europe.
Tow Hitch: Third - and honestly the most exciting - a class II tow hitch, capable of towing the same 3,500 lbs of weight, is available in North America and Europe, and it is included as part of the features for the Launch Edition.
Mobile Charger: In North America, Tesla is bringing back the bundled mobile charger with the new Model Y. However, this is expected to be unique to the Launch Edition. Unfortunately, it’s not included in Europe.
With deliveries slated for March, we’re excited to see the first few arrive in North America and Europe arrive in the next 5-10 weeks. We’re sure the refreshed Model Y will be making its way to Tesla showrooms, as well as Auto Shows in both markets sometime soon - so stay tuned.
