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The 5 biggest takeaways from Tesla’s Cyber Roundup – TechCrunch

Tesla held its annual shareholder meeting, which the company now calls the Cyber ​​Roundup, at the Tesla Gigafactory Texas on Thursday.

The cyber roundup comes just a few weeks after Tesla reported its Q2 results, which showed quarterly sales declines due to manufacturing issues, despite the company’s year-over-year growth.

The agenda featured 13 shareholder proposals, including one for a 3-for-1 stock split, which appears to have helped boost Tesla’s shares by 0.40%.

There have also been several proposals aimed at making Tesla more ethical, especially after a series of lawsuits accusing the company of sexual, racial, and gender-based harassment in the workplace.

Here are the top five takeaways from the event.

Stock split approved

Tesla shareholders approved the 3-for-1 stock split that will bring the company’s shares down to $300. However, it is not yet clear when this will come into force.

Tesla, always adept at how it uses Twitter to initially influence its stock price tweeted the news of the shareholder proposal on March 28. Between then and now, Tesla stock has rallied 20% from its June lows as the drama of Musk’s proposed Twitter purchase reached its peak. Shares rose to $928.55 in after-hours trading on Thursday.

Ethical improvements are unlikely

Shareholders have called for better reporting and transparency in reporting sexual, racial and gender-based harassment, as well as Tesla’s lobbying activities and use of child labor to dismantle battery materials. They have also asked for more diversity on the board to reflect Tesla’s workforce.

Though voting is ongoing, preliminary results suggest that Tesla shareholders voted against all of these proposals.

IRL trolling

The 2022 shareholder meeting, the first in a few years that hundreds of people could gather in person, took on a boisterous tone from the start.

The investors in attendance shouted encouragement and questions to Musk. They’ve also taken their role as Tesla boosters to a new level. At one point, the crowd laughed at Laura Campos, director of corporate and political accountability at the Nathan Cummings Foundation, as she discussed her proposal to improve Tesla’s lobbying disclosures, and applauded Tesla’s investor relations chief, Martin Viecha, when he them as they shut off time expired. Sister Dorothy of Sisters of the Good Shepherd was met with similar derision – the audience laughed and applauded as she ran out of time urging the company to improve its reporting of child labor in its cobalt supply chain.

Musk welcomed the cheers, applause and standing ovation, playing with his biggest supporters – retail investors. He processed the crowd as he normally does, telling the audience he loved them and they were the “best crowd,” shouting out declarations of grandeur and joking about his failed Twitter buy.

More gigafactories

Musk teased the idea of ​​picking another Gigafactory site later this year. He also noted that Tesla will likely build “at least 10 or 12 gigafactories.” Musk said in 2017 that the company would build between 10 and 20 gigafactories in the long term.

Demand for Teslas continues to be high, so it’s no wonder Musk wants to expand the automaker’s factory footprint. In recent weeks, Tesla has built its 3 millionth car, Musk said, reaffirming the company’s goal of reaching a 2 million car run rate by the end of 2022.

Other snacks

Musk reiterated his intention to rapidly expand Tesla’s advanced driver assistance system, Full Self-Driving (FSD) Beta.

“We’re at over 40 million miles now and I suspect we’ll have well over 100 million miles by this year,” Musk said. “And we’re still following very closely that FSD Beta will be widely deployed in North America this year.”

Musk also promised some “cool stuff” on the supercharger front as Tesla prepares to allow non-Tesla EVs to use its charging network.

Additionally, Musk hinted that the Cybertruck’s specs and price will differ from what was first announced in 2019 due to inflation, but didn’t provide any further details.

https://techcrunch.com/2022/08/04/the-5-biggest-takeaways-from-teslas-cyber-roundup/ The 5 biggest takeaways from Tesla’s Cyber Roundup – TechCrunch

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