General Motors (GM) may not be catching up to electric vehicle leaders like Tesla anytime soon, but CFO Paul Jacobson has noted that the automaker’s EV business is still on the right path. The executive seemed optimistic about GM’s electric vehicle business, even noting that he sees variable profitability being achieved sometime in the second half of 2024.
With variable profitability achieved in 2024, Jacobson noted that fully-accounted profit in GM’s electric vehicle business could be anticipated about a year later, in 2025. The CFO did state that a number of factors would affect the profitability of GM’s EV business, such as lower costs of commodities and improvements in EV manufacturing, as noted in a Yahoo Finance report.
While GM’s stance on its EV business is quite optimistic, CFRA analyst Garrett Nelson has stated that it would be pretty shocking if the automaker does achieve profitability in 2024. “I would be shocked if they hit EV profitability this year,” Nelson said. He also noted in a segment with Yahoo Finance that GM might not achieve profitability in its EV business for “at least the next two or three years.”
GM’s electric vehicle efforts were hampered somewhat in 2023, with a company spokesperson noting that the automaker would have $1.7 billion in reserves for losses related to the company’s existing EV inventory in Q4 2023. GM CEO Mary Barra also noted that it’s true the “pace of EV growth has slowed, which has created some uncertainty.” Barra also stated during the automaker’s earnings call that the automaker has the flexibility to build more hybrids if necessary, though growth in EVs remains a top priority.
Apart from a potential shift in the company’s EV strategy, GM also noted that it is working to refocus and relaunch its self-driving robotaxi efforts in its Cruise subsidiary, which uses heavily modified all-electric Chevy Bolt EVs. In GM’s 2023 financial results, the company noted that it lost nearly $2.7 billion before taxes in Cruise. The automaker also intends to reduce its spending on the self-driving unit this 2024.
CFRA analyst Garrett Nelson’s Yahoo Finance segment can be viewed below.
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Elon Musk tends to use social media platform X as his personal platform to express himself, so much so that critics tend to allege that the CEO is no longer serious about his numerous companies.
As per Musk, he is still very much in wartime CEO mode, despite all the jokes and fun posts about Ani on X.
Elon Musk leads several prolific companies, much more than the average CEO. And while Tesla is the only publicly traded entity that he currently leads, Musk is so visible that everyone across the internet pretty much has a strong opinion of him one way or another. For his longtime supporters and followers, however, what truly matters is if Musk is locked in.
Considering that Elon Musk’s feed on X has recently been filled with AI imagery, a good portion of which involve AI-rendered women, some X users have expressed concerns that the CEO may be losing focus once more. Musk responded to one such user by highlighting his very busy schedule and his numerous active projects.
Needless to say, Elon Musk is still locked in. He is still in “wartime CEO” mode.
As per the CEO, even his recent AI posts about AI are “part of a broader vision and strategy.” He also highlighted that SpaceX’s Starship Flight 10 is launching in a few days, xAI’s Grok 5 is starting its training next month, and Tesla’s Autopilot V14 is also coming next month. As per Musk, “long-term strategy is compelling.”
Elon Musk’s comments are quite accurate. While he may seem to spend all his time on X, after all, he is very much still neck-deep in all his companies’ projects. There is a reason why Musk became known as a visionary, and a lot of it is because he really is intimately involved in all of his companies’ projects.
News
Tesla watchers spot mysterious castings at Fremont Factory
The castings seem to be quite new, as they do not seem to match any of the castings that are currently being used for the Model Y.
A recent flyover of the Fremont Factory has triggered speculations about Tesla’s ongoing initiatives that are yet to be unveiled publicly. This was hinted at by the sighting of some apparent vehicle castings around the factory that have never really been observed before.
A Fremont Factory flyover
In a recent update, drone operator Met God in Wilderness, who has been chronicling the progress and developments of the Fremont Factory for years, shared some footage from his August 14, 2025 flyover. Based on the video, the Fremont Factory seemed very much alive. Vehicles were being pumped out of the factory, and a rather interestingly covered car could be seen going around the test track.
What is quite fascinating about the footage from the Fremont Factory is the fact that the vehicles that were moving from the production line to the outbound logistics lot are not driven manually anymore. As per Tesla in previous updates, vehicles produced at the Fremont Factory navigate to the outbound logistics lot on their own using Unsupervised FSD.
Mysterious castings
Perhaps most interestingly, the drone operator also managed to capture some footage of some castings that were being gathered just outside one of the facility’s sprung structures. These castings seem to be quite new, as they do not seem to match any of the castings that are currently being used for the Model Y. This has brought speculations suggesting that the new components, which seem smaller than standard Model Y megacasts, may be for a different, perhaps more compact, vehicle.
As per Tesla in its second quarter earnings call, the company actually started the initial production of more affordable models sometime in June. These vehicles, as per Elon Musk, will be made available for consumers in the fourth quarter. “Given that we started in North America and that our goal is to maximize production with higher rates by the end of Q3, we’re going to keep pushing hard on our current models to avoid complexity… We’ll be running with the more affordable models available for everyone in Q4,” Musk said.
Watch the recent drone footage of the Fremont Factory in the video below.
Investor's Corner
Shareholder group urges Nasdaq probe into Elon Musk’s Tesla 2025 CEO Interim Award
The SOC Investment Group represents pension funds tied to more than two million union members, many of whom hold shares in TSLA.
An investment group is urging Nasdaq to investigate Tesla (NASDAQ:TSLA) over its recent $29 billion equity award for CEO Elon Musk.
The SOC Investment Group, which represents pension funds tied to more than two million union members—many of whom hold shares in TSLA—sent a letter to the exchange citing “serious concerns” that the package sidestepped shareholder approval and violated compensation rules.
Concerns over Tesla’s 2025 CEO Interim Award
In its August 19 letter to Nasdaq enforcement chief Erik Wittman, SOC alleged that Tesla’s board improperly granted Musk a “2025 CEO Interim Award” under the company’s 2019 Equity Incentive Plan. That plan, the group noted, explicitly excluded Musk when it was approved by shareholders. SOC argued that the new equity grant effectively expanded the plan to cover Musk, a material change that should have required a shareholder vote under Nasdaq rules.
The $29 billion package was designed to replace Musk’s overturned $56 billion award from 2018, which the Delaware Chancery Court struck down, prompting Tesla to file an appeal to the Delaware Supreme Court. The interim award contains restrictions: Musk must remain in a leadership role until August 2027, and vested shares cannot be sold until 2030, as per a Yahoo Finance report.
Even so, critics such as SOC have argued that the plan does not have of performance targets, calling it a “fog-the-mirror” award. This means that “If you’re around and have enough breath left in you to fog the mirror, you get them,” stated Brian Dunn, the director of the Institute for Comprehension Studies at Cornell University.
SOC’s Tesla concerns beyond Elon Musk
SOC’s concerns extend beyond the mechanics of Musk’s pay. The group has long questioned the independence of Tesla’s board, opposing the reelection of directors such as Kimbal Musk and James Murdoch. It has also urged regulators to review Tesla’s governance practices, including past proposals to shrink the board.
SOC has also joined initiatives calling for Tesla to adopt comprehensive labor rights policies, including noninterference with worker organizing and compliance with global labor standards. The investment group has also been involved in webinars and resolutions highlighting the risks related to Tesla’s approach to unions, as well as labor issues across several countries.
Tesla has not yet publicly responded to SOC’s latest letter, nor to requests for comment.
The SOC’s letter can be viewed below.
Elon Musk confirms he’s still in wartime CEO mode
Tesla watchers spot mysterious castings at Fremont Factory
Shareholder group urges Nasdaq probe into Elon Musk’s Tesla 2025 CEO Interim Award
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