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Ford reveals CEO Jim Farley’s latest pay raise

Credit: Jim Farley | X

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A recent filing has revealed Ford CEO Jim Farley’s latest pay increase, with his total compensation increasing by as much as 26 percent in 2023.

In proxy statement filed with the U.S. Securities and Exchange Commission (SEC) last week, Ford revealed that CEO Jim Farley’s total compensation in 2023 was nearly $26.5 million, up substantially from under $21 million in 2022.

Although Farley’s salary was only around $1.7 million last year, he also received stock awards amounting to $20.3 million, a non-equity incentive plan compensation of almost $2.4 million, and another roughly-$2 million dubbed “all other compensation” in the document.

You can see a summary table of compensation for Ford’s executives below, as included in the proxy statement.

Credit: Ford

The news also comes after Ford, General Motors (GM) and Stellantis also faced historic six-week strikes from the United Automotive Workers (UAW) union in 2023. UAW President Shawn Fain made a statement following the release of the Friday filing, pointing to Farley’s recent statements about potentially having to re-consider where Ford would build vehicles due to increasing union pressure.

“Just a few weeks ago Farley was crying to the press about how the UAW’s record contracts were forcing the company to rethink where they build their vehicles, but now they have no problem finding the money to give him a 26 percent pay raise to $26.5 million a year,” Fain said (via Automotive News).

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“Let’s be clear: this is corporate greed, plain and simple.”

By comparison, multinational automaker and Dodge-Chrysler parent company Stellantis paid a total compensation of 36.5 million euros ($39.5 million) to CEO Carlos Tavares in 2023, up more than 55 percent. While GM hasn’t yet released its 2023 total compensation numbers for CEO Mary Barra, she had the highest total compensation of the “Big Three” in 2022, earning around $28.98 million.

The news also comes after Ford announced plans to cut the F-150 Lightning production workforce by roughly two-thirds, as the automaker pivots toward a mass-market, affordable electric vehicle (EV). Ford EVs also gained access to the vast Tesla Supercharger network in North America this month, significantly increasing the number of charging stations available to owners.

Ford pauses all F-150 Lightning shipments as gas deliveries begin

What are your thoughts? Let me know at zach@teslarati.com, find me on X at @zacharyvisconti, or send us tips at tips@teslarati.com.

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Zach is a renewable energy reporter who has been covering electric vehicles since 2020. He grew up in Fremont, California, and he currently lives in Colorado. His work has appeared in the Chicago Tribune, KRON4 San Francisco, FOX31 Denver, InsideEVs, CleanTechnica, and many other publications. When he isn't covering Tesla or other EV companies, you can find him writing and performing music, drinking a good cup of coffee, or hanging out with his cats, Banks and Freddie. Reach out at zach@teslarati.com, find him on X at @zacharyvisconti, or send us tips at tips@teslarati.com.

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Tesla confirms Robotaxi is heading to five new cities in the U.S.

After launching in Austin, Texas, in late June and the Bay Area of California just a few weeks later, Tesla has been attempting to expand its Robotaxi suite to new states and cities in the U.S., and even outside of the country.

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Credit: Tesla

Tesla Robotaxi will hit five new cities in the United States in the coming months, the company confirmed.

After launching in Austin, Texas, in late June and the Bay Area of California just a few weeks later, Tesla has been attempting to expand its Robotaxi suite to new states and cities in the U.S., and even outside of the country.

The Robotaxi suite is a ride-hailing service Tesla offers, but the details of it change with each jurisdiction, as regulations vary. For example, in Austin, Tesla can operate the Robotaxi suite without anyone in the driver’s seat, as long as the vehicle does not enter a freeway.

Credit: Tesla

In the Bay Area, a Safety Monitor rides in the driver’s seat, essentially acting as the vehicle operator with Full Self-Driving controlling the car.

The local regulations and how Tesla handles them will continue to be a relevant part of the discussion, especially as the company aims to expand the Robotaxi program to different areas. This has been a primary focus of the company for several months, especially within the United States.

CEO Elon Musk said that Tesla was aiming to launch Robotaxi in Nevada, Arizona, and Florida. However, the company detailed five specific cities where it will launch Robotaxi next during the Annual Shareholder Meeting on Thursday.

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Tesla will launch Robotaxi in Las Vegas, Phoenix, Dallas, Houston, and Miami next, broadening its Service Area for the suite to more major cities across the U.S.

It has said it plans to offer the service to half of the U.S. population by the end of the year, but it does not seem as if it will expand to more than a handful of cities this year, which is still tremendous progress, all things considered.

As far as autonomy is concerned, Tesla has always had lofty expectations and has made some even loftier statements.

At the Shareholder Meeting, Musk said that the company would likely be able to enable vehicle owners to text while the vehicle drives, alleviating them from potentially having some of the responsibility they have behind the wheel.

Tesla says texting and driving capability is coming ‘in a month or two’

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It is not confirmed that Tesla will roll this out in the next few months, but Musk said there is a possibility.

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Tesla launches another new Model Y trim at a bargain price with massive range

It is the second most-affordable Model Y trim level in China, trailing the base Rear-Wheel-Drive and coming in under the All-Wheel-Drive.

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Credit: Tesla

Tesla has launched yet another new Model Y trim level, but this time it is in China, and it is at a bargain price.

It also has an insane range rating.

On Friday, Tesla launched the new Model Y Long Range Rear-Wheel-Drive in China, priced at 288,500 yuan ($40,500), an incredible deal considering it is not a stripped-down version of the vehicle like the Model Y Standard.

It is the second most-affordable Model Y trim level in China, trailing the base Rear-Wheel-Drive and coming in under the All-Wheel-Drive.

The big appeal with this new Model Y trim is obviously its price, but its range rating is also one of the best we’ve seen. Rated at 821 kilometers on the CLTC scale, it converts to 510 miles. It uses a 78.4 kWh CATL battery.

Converted to real-world range, however, that 821-kilometer range rated by the CLTC actually is equivalent to about 357 miles on the EPA scale, which is still a very respectable number and comes in at a higher range than the Long Range All-Wheel-Drive configuration that is available in the U.S.

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Tesla has truly brought a wide variety of Model Y trims to the Chinese market, including a new Model Y L configuration that features a slightly longer wheelbase, as well as additional interior features like extended thigh legrests and captain’s chairs with armrests.

It is unclear whether Tesla will bring a Premium Rear-Wheel-Drive option of the Model Y to the U.S., especially as it has already rolled out four configurations of the all-electric crossover in the market. With the new Standard offerings, Tesla will likely keep its lineup as simple as possible.

However, the company has hinted that there is a slim possibility the Model Y L could come to the U.S. sometime late next year, but CEO Elon Musk said that it is not a guarantee.

Tesla is more concerned with self-driving efforts in the U.S., and despite calls from customers for larger vehicles, it does not seem concerned with making them available, at least not for now.

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Tesla Model Y Performance set for new market entrance in Q1

The lightning-fast trim level of the all-electric crossover packs a variety of new improvements, including more range and better acceleration, thanks to aerodynamic improvements and other performance-based changes.

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Credit: Tesla

Tesla’s new Model Y Performance is set to arrive in a new market in Q1 2026, a company executive confirmed on Friday.

The lightning-fast trim level of the all-electric crossover packs a variety of new improvements, including more range and better acceleration, thanks to aerodynamic improvements and other performance-based changes.

It was initially launched in Europe, and then it made its way to the United States. However, it will soon be available in a new market: Canada.

Raj Jegannathan, a Tesla executive, confirmed on Friday that the company would be bringing its Performance trim of the Model Y to the Canadian market early next year:

Interestingly, the Model Y Performances that enter the Canadian market will likely come from Gigafactory Berlin and not Gigafactory Texas, even though it is logistically more advantageous.

There is a 25 percent tariff on U.S.-built vehicles currently, and Tesla has been sending Germany-built Model Y vehicles to Canada to avoid this and keep prices reasonable for customers.

Some Model Y owners in Canada have already confirmed that their units came from the German production facility, not the United States.

Model Y Performance deliveries have not yet started in the United States, but are slated for late November or early December.

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Tesla refined the Model Y Performance’s exterior design with new front and rear fascia designs, a new performance carbon spoiler, 21″ Arachnid wheels and tires, and adaptive damping to help with better handling.

Tesla launches Model Y Performance in the U.S.

There are also new Drive Modes for better control during high-speed driving.

It also packs the same improvements as the new Model Y features over its predecessors, including acoustic glass and premium sound-damping materials for a quieter cabin, and heated and ventilated front sport seats.

In the United States, it is priced at $57,490. It will very likely be higher in Canada due to logistics costs and other factors.

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