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Polestar wants to poach Tesla customers with this trade-in promo

Credit: Polestar

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Polestar wants to poach some of Tesla’s customers with a new trade-in promotion for leases on its latest electric vehicle (EV) and first SUV.

On its website last week, the automaker said buyers can save up to $20,000 when trading in a Tesla vehicle and leasing a Polestar 3 SUV.

The promotion combines the $5,000 Polestar Conquest Bonus, which is available for eligible customers who currently own or lease a Tesla vehicle, and the $15,000 Polestar Clean Vehicle Incentive, as detailed by the company. Polestar also says that the bonus expires on February 28, and interested parties should contact their local retailer for more details.

READ MORE ON POLESTAR: Polestar tries to poach Tesla buyers after Musk’s ‘unacceptable’ and ‘arrogant’ behavior

The Polestar 3 is rated for 350 miles of range, 517hp, and a 4.5-second 0 to 60 mph acceleration. The company began producing the vehicle in China last year, and it’s building the Polestar 3 at a factory in South Carolina that will help the automaker dodge recently enacted import tariffs.

Tesla also granted Supercharger access to Polestar’s vehicles in October, significantly expanding the number of available charging stalls for owners of the company’s vehicles.

Last month, Polestar CEO Michael Lohscheller spoke out against Elon Musk’s recent involvement in politics in an interview with Bloomberg, saying that the Tesla CEO’s actions were “pure arrogance” and “totally unacceptable.”

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Throughout the first part of 2024, Polestar parent company Volvo proceeded to sell its remaining shares of the EV company to its own parent company, Chinese automaker Geely. As a result, the EV maker faced significant executive shake-ups and restructuring, amidst difficulty in getting its vehicles delivered and generating positive cash flow.

Still, the automaker has lofty plans for the coming months, last year saying that it would aim to launch EVs in seven new markets in 2025.

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.

Polestar sells NVES credits to other OEMs in Australia

Need accessories for your Tesla? Check out the Teslarati Marketplace:

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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.

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.

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Credit: xAI/X

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.

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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.

Nasdaq+Letter Tsla Socig Final by Simon Alvarez

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Tesla Model Y L has two distinct features for luxurious comfort

This is not to say the other interior additions are not factors in the Model Y becoming a more luxurious and premium vehicle, but the two mentioned in this article are particularly pertinent in that conversation.

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Credit: Tesla

Tesla’s new Model Y L has two distinct features that are geared toward giving occupants a taste of luxury with guaranteed comfort.

These two features should definitely be part of the company’s future lineup, and they could prove to be massive upgrades to the Model Y’s interior, which is certainly premium but is missing some things that truly tailor to a “luxury” feel of an automobile.

This is not to say the other interior additions are not factors in the Model Y becoming a more luxurious and premium vehicle, but the two mentioned in this article are particularly pertinent in that conversation.

Tesla Model Y L might not come to the U.S., and it’s a missed opportunity

Power-Adjustable Thigh Supports

In the front seats of the Model Y L, there are power-adjustable thigh supports that will enable some additional comfort on the legs:

Most might think that these thigh supports are simply a feature that makes the ride more comfortable, which is true. However, they have benefits for the ride and after you exit the car.

Providing proper lift on the legs and thighs can be beneficial for people with back problems or posture issues. The lower back takes an increased amount of stress during long car rides, especially as the legs are fixed in the chosen seating position.

Tesla Model Y L officially launched: price, features, and more

Adding some support to the thighs can help reduce pressure on the lower back and hips, and distribute weight more evenly, taking stress off pressure points.

It can also contribute to better spinal alignment. They also have safety benefits, as some riders could have an improved seatbelt position thanks to the thighs being in this position.

Second-Row Mechanical Armrest

Tesla also added mechanical, one-touch armrests to the Model Y L’s second row, a nice and premium touch for the riders in the middle of the vehicle:

Add the additional space the Model Y L provides to riders, and it already gets more comfortable. However, the addition of the mechanical armrests gives a good option of comfort for those who are seated in the second row.

They can also be retracted with the touch of a button, allowing for those in the third row to exit the vehicle easily.

One con to the mechanical portion of these armrests is that it is another moving part, and, of course, that puts it at risk of having issues.

However, it is certainly more premium than a manual armrest, and the flashy carbuyers will appreciate this small but mighty addition.

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Tesla’s NHTSA probe is already on its way to being resolved

The problem the NHTSA had with Tesla’s reporting is already on its way to being resolved, as the agency and the company have been in communication.

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tesla showroom
Credit: Tesla

Tesla is being probed by the National Highway Traffic Safety Administration (NHTSA) for not reporting accidents in a timely manner, the agency said on Thursday.

It is already well on its way to being resolved, the agency said.

The agency’s Office of Defects Investigation (ODI) identified numerous instances in which Tesla reported crashes that “occurred several months or more before the dates of the reports.”

The Standing General Order in place by the agency requires crash reports to be submitted within five days of Tesla receiving the notice of an accident.

The investigation states Tesla submitted crashes in one of two ways:

“Many of the reports were submitted as part of a single batch, while others were submitted on a rolling basis.”

The problem the NHTSA had with Tesla’s reporting is already on its way to being resolved, as the agency and the company have been in communication.

Tesla has already been in contact with the agency’s ODI and stated that the timing of the reports was an issue with its data collection. The issue has been resolved, Tesla told them.

The NHTSA said the initiation of the probe against Tesla is a “standard process for reviewing compliance with legal requirements, to evaluate the cause of potential delays in reporting, the scope of any such delays, and the mitigations that Tesla has developed to address them.”

It is the latest NHTSA probe into Tesla, as it has also been investigating the company for accidents during Full Self-Driving operation in reduced visibility conditions.

The agency also sought information on the rollout of Robotaxi a few months ago, and how Tesla planned to handle low-visibility conditions in its driverless ride-hailing service.

The NHTSA was interested in knowing how Tesla planned to assess the ability of FSD’s engineering controls, whether any other similar FSD crashes had occurred in low visibility, and if modifications to FSD software would impact its performance in these conditions.

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