Tesla Shareholder Vote Update - What We Know and When Results Will Be Announced

By Karan Singh
Not a Tesla App

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.

Optimus - What We Learned About Tesla's Robotic Future

By Karan Singh
Optimus Gen 2
Optimus Gen 2
Tesla

Optimus was a major point of coverage at the 2024 Tesla Shareholder meeting, and we’ll help break down some of the key points for those interested in Tesla’s future humanoid robots.

What Is It?

Optimus is Tesla’s humanoid robot, built entirely in-house, from the batteries to the motors and actuators in the arms, legs, and hands. Tesla has taken a unique design approach to Optimus and intends to have it replace humans in mundane or risky tasks.

It is a bipedal robot, built around the same aspect as the human body. Optimus was originally unveiled in August 2021 and has since seen several major design iterations. And those aren’t the only ones, Optimus is scheduled to undergo at least one more major design revision this year, as well as one more major design revision for its hands – which will feature 22 degrees of freedom.

In comparison, the human hand has 27 degrees of freedom – Tesla is quite close to replicating the complexity of a hand in its custom-designed hands. Musk mentioned that with the 22 degrees of freedom, Optimus is capable of learning and playing music on a piano – an intricate task that many humans find difficult today.

Best of all, they’ve placed the immense learning prowess of FSD behind its brains – each Optimus unit runs similar hardware and software as Tesla cars . It can also navigate autonomously, using the same object recognition and learning that Tesla’s cars use every day. Optimus learns from watching humans do things or can be taught how to do something by a remote operator. Elon Musk also mentioned that it will eventually be able to watch a video and learn how to do a task.

What Can It Do?

Elon Musk has mentioned that Optimus’ primary goal is to replace humans in certain tasks, especially those that could put a human at risk. This could be anything from being a humanoid companion or caretaker, a construction worker, or even working in factories. Of course, it has a focus on high-precision tasks, owing to its intricately designed hands, and is intended to replace human workers doing everyday precision work that robots today cannot do.

The primary goal is to have Optimus robots begin working in factories, and to this end, two have been deployed to one of Tesla’s factories, and are working on the battery cell assembly lines in a prototype and testing deployment. Today, these two units are moving battery cells off the production line and into shipping containers.

2:1 Robot to Human Ratio

There are some ambitious plans for Optimus – Elon Musk envisions that there will be 2 humanoid robots for every human on the planet in the future. This is alongside an eye-watering build rate of 1 billion humanoid robots a year – of which Tesla intends to build at least 100 million per year or more.

With these numbers, Tesla sees the market cap for Optimus as double that of FSD – approximately $20 trillion, with an expected profit of $1 trillion per year at scale. That’s an expected profit of $10,000 per unit, which will be quite the achievement.

When’s It Coming?

Given the fact that Tesla still has design revisions planned, scale production isn’t starting anytime soon. However, Elon Musk did mention that Tesla currently plans to have approximately 1000 to 2000 Optimus units deployed for internal use in Tesla factories by the end of next year. This limited production run will be the start of Tesla’s larger Optimus deployments and will serve to help them refine the FSD stack that runs Optimus, helping teach it the many tasks it could do in a factory.

Costs

The next big question is what it will cost. Musk has mentioned that it will cost less than a car – with an expected cost of $20,000 USD, once large-scale production kicks off. Just like the Cybertruck, that means initial adopters will be faced with fairly high adoption costs for the initial production runs. Economies of scale will eventually lower the cost as more units are produced.

One of Tesla’s significant challenges will be scaling to reduce these costs. Currently, each unit is hand-built in Tesla’s Optimus labs. Eventually, this will have to scaled up to a proper production line, which will require a factory. Optimus also uses 4680 cells, which means some production of the newer 4680 batteries will be required to produce Optimus.

So perhaps, someday soon, there will be an Optimus knocking on your door, delivering itself to help you take care of your home. Definitely a bright future to look forward to.

A Better Routeplanner 5.0 Launches; Adds EV Charger Ratings Using Rivian Data

By Karan Singh
Not a Tesla App

A Better Routeplanner 5.0 launched yesterday, and there are some pretty awesome features coming to all EV owners courtesy of Rivian. Rivian purchased ABRP last year and has made good on its promises to continue its improvement and ensure it remains open to all EV owners.

Charger Scoring

Rivian recently added a feature that would rate any chargers compatible with Rivian vehicles. The list of chargers includes Rivian Adventure Network (RAN) chargers, Tesla Superchargers and any other compatible third-party chargers. The charger score is automatically calculated based on the station's average top speed and reliability.

With the launch of ABRP 5.0, Rivian is integrating its charger scores directly into the free tier of ABRP so that all EV owners can benefit. ABRP users will now be able to see charger scores, and ABRP will automatically route users to chargers with higher scores if they are available on your route.

Google Automotive

Another cool feature for ABRP is that it will now be available as an app to install and use directly in vehicles that support Google Automotive. Any EV that uses Google Automotive, including Volvo,  Polestar, Ford, and GM will support the in-system experience, which will also provide data for charger scoring and routing.

This will be an excellent way to hold third-party networks accountable, which have commonly suffered from uptime or speed issues.

Tesla’s Implementation

Tesla previously implemented a “Qualified Third-Party Charger” program, that would allow highly-rated third-party chargers that meet a strict set of requirements to be displayed directly in the vehicle. However, this is currently limited to Europe and parts of the Middle East. Within North America, Tesla only displays third-party Tesla destination chargers in addition to Superchargers.

While Tesla doesn’t directly show charger scores, they clearly are tracking charge data, and are providing the cream of the crop of third-party chargers for navigation where the program is available. We’d hope that this implementation of qualified third-party chargers also comes to North America, as NACS is becoming the de facto standard for charging.

If Tesla does expand the display of third-party chargers to other regions, it’ll likely be similar to what we see in Europe today, and won’t be as open as Rivian’s implementation in ABRP.

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