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Tesla shareholder and pension fund KLP to vote for collective bargaining, against Musk pay package

Tesla Dubai Showroom and Service Center [Credit: fingerzdxb via Tesla Subreddit]

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Tesla took a hit in its ongoing conflict with workers in the Nordic region this morning as an investor and Norway’s largest pension fund, known as KLP, said it will back workers in the collective bargaining issue that has gone on for more than eight months.

It also said it would vote against the ratification of Tesla CEO Elon Musk’s $56 billion pay package and its relocation of incorporation from Delaware to Texas.

KLP said today that it would back the workers who are requesting Tesla engage in wage talks and other labor negotiations at the upcoming Shareholder Meeting.

The talks have resulted in a strike of many workers in the region, which has snowballed into solidarity strikes from various workers’ unions.

“We will support the proposal,” Kiran Aziz of KLP said to Reuters in a report. “We hope (it) will gain significant support from other shareholders, too.”

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Tesla has a proposal on its agenda for next Thursday’s Shareholder Meeting that aims for investors to vote on the company’s potential “to adopt a policy explicitly committing to non-interference and good faith bargaining…with respect to freedom of association and collective bargaining.”

Many investors have been concerned about the issue, especially as it has started to impact other portions of Tesla’s business and operations. Drivers have not been able to easily access license plates as the Transport Workers’ Union joined IF Metall in an act of solidarity.

Tesla sued the Transport Agency for the move, but the Swedish Court ruled that it did not have to hear the action brought by Tesla as it said it “did not have the jurisdiction” to do so.

KLP is a major Tesla shareholder and owns 900,000 shares worth over $160 million.

I’d love to hear from you! If you have any comments, concerns, or questions, please email me at joey@teslarati.com. You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at tips@teslarati.com.

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Joey has been a journalist covering electric mobility at TESLARATI since August 2019. In his spare time, Joey is playing golf, watching MMA, or cheering on any of his favorite sports teams, including the Baltimore Ravens and Orioles, Miami Heat, Washington Capitals, and Penn State Nittany Lions. You can get in touch with joey at joey@teslarati.com. He is also on X @KlenderJoey. If you're looking for great Tesla accessories, check out shop.teslarati.com

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Elon Musk

Tesla stock: Morgan Stanley says eVTOL is calling Elon Musk for new chapter

Could Tesla dive into the eVTOL market? Morgan Stanley takes a look.

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Daniel Oberhaus, CC BY-SA 4.0 , via Wikimedia Commons

Tesla shares are up nearly 20 percent in the past month, but that is not stopping the only trillion-dollar automaker from attracting all types of new potential sectors to disrupt, at least from an investor and analyst perspective.

Morgan Stanley’s Adam Jonas is not one to shy away from some ideas that many investors would consider far-fetched. In a recent note, Jonas brought up some interesting discussion regarding Tesla’s potential in the eVTOL industry, and how he believes CEO Elon Musk’s answer was not convincing enough to put it off altogether.

Tesla’s Elon Musk says electric planes would be ‘fun problem to work on’

Musk said that Tesla was “stretched pretty thin” when a question regarding a plane being developed came up. Jonas said:

“In our opinion, that’s a decidedly different type of answer. Is Tesla an aviation/defense-tech company in auto/consumer clothing?”

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Musk has been pretty clear about things that Tesla won’t do. Although he has not unequivocally denied aviation equipment, including planes and drones, as he has with things like motorcycles, it does not seem like something that is on Musk’s mind.

Instead, he has focused the vast majority of his time at Tesla on vehicle autonomy, AI, and robotics, things he sees as the future.

Tesla and China, Robotics, Pricing

Morgan Stanley’s note also discussed Tesla’s prowess in its various areas of expertise, how it will keep up with Chinese competitors, as there are several, and the race for affordable EVs in the country.

Tesla is the U.S.’s key to keeping up with China

“In our view, Tesla’s expertise in manufacturing, data collection, robotics/ physical AI, energy, supply chain, and infrastructure are more critical than ever before to put the US on an even footing with China in embodied AI,” Jonas writes.

It is no secret that Tesla is the leader in revolutionizing things. To generalize, the company has truly dipped its finger in all the various pies, but it is also looked at as a leader in tech, which is where Chinese companies truly have an advantage.

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Robotics and the ‘Humanoid Olympics’

Jonas mentioned China’s recent showcasing of robots running half marathons and competing in combat sports as “gamification of robotic innovation.”

Tesla could be at the forefront of the effort to launch something similar, as the analyst predicts the U.S. version could be called “Humanoid Ninja Warrior.”

Pricing

Tesla is set to launch affordable models before the end of Q2, leaving this month for the company to release some details.

While the pricing of those models remains in limbo with the $7,500 tax credit likely disappearing at the end of 2024, companies in China have been able to tap incredibly aggressive pricing models. Jonas, for example, brings up the BYD Seagull, which is priced at just about $8,000.

Tesla can tap into an incredibly broader market if it can manage to bring pricing to even below $30,000, which is where many hope the affordable models end up.

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During the Q3 2024 Earnings Call, Musk said that $30,000 is where it would be with the tax credit:

“Yeah. It will be like with incentive. So, 30K, which is kind of a key threshold.”

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Tesla dominates in Norway with 213% sales jump from ’24

Tesla dominated in Norway, and although it lags behind other OEMs for the year, the Model Y is the best-selling model in the country by a long shot.

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Credit: Tesla

Tesla has recorded a dominating performance in the Norwegian market as the company outpaced other automakers for the month of May.

The company walked away with 19 percent of the total EV sales for the month, with a vast majority of those coming from the Model Y, which accounted for 2,344 of the 2,598 sales Tesla had for the month.

Tesla Model Y has become the most common vehicle in Norway

As a whole, Tesla outpaced Volkswagen by just over 300 units as the German company continues to have a tremendous year across Europe in terms of EVs.

For Tesla, however, it was a tremendous month, especially compared to past years, and as it continues to experience a reduction in sales in the European market, this was an outlier.

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A Strong Month

Tesla’s performance in Norway in May was incredibly strong, including growth from the same month last year and quarter-over-quarter improvements.

Tesla sold just 830 units in Norway last May, meaning last month was a 213 percent increase compared to the same month last year.

For the year so far, Tesla has sold 7,600 units in Norway, trailing only Volkswagen, which has had a very strong year in Europe thus far. VW holds 19.5 percent of the total market share for the year in terms of EVs; Tesla has 13.7 percent.

However, the Model Y is still the best-selling EV in the country, and it is not particularly close. With 6,201 sales, it leads the Toyota BZ4X and the Volkswagen ID.4, which have 3,703 and 3,073 sales, respectively.

Tesla has combated weak sales figures in Europe this year, some of which are due to the Model Y changeover across all of the company’s global production facilities. CEO Elon Musk has said that he does not believe demand is an issue for Tesla at all, but instead, Europe is just a weak market.

Figures via EU-EVs

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Elon Musk

Elon Musk responds to Tesla Supercharger shutdown on NJ Turnpike

Elon Musk says the New Jersey Turnpike Authority’s decision to decommission 64 Tesla Superchargers ” sounds like corruption.”

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MINISTÉRIO DAS COMUNICAÇÕES, CC BY 2.0 , via Wikimedia Commons

Tesla CEO Elon Musk has responded to Tesla being required to decommission and shut down over 60 Superchargers on the New Jersey Turnpike, a move that was announced late last week.

We reported late last week that Tesla was being required to decommission 64 Superchargers on the New Jersey Turnpike as the governing body of the toll road had chosen a sole, third-party company to provide EV charging solutions. This decision requires Tesla to eliminate its current Superchargers on the Turnpike, one of the country’s heaviest-traveled roads.

Tesla to lose 64 Superchargers on New Jersey Turnpike in controversial decision

The New Jersey Turnpike Authority (NJTA) requested that Tesla shut down the 64 charging stalls as a result of its new partnership, something that many are confused by, considering the company’s Superchargers are accessible to many different car companies and not only Teslas.

Additionally, Tesla’s Supercharger Network has gained a reputation for being one of the most reliable, with an incredibly high rate of upkeep.

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With these details being known, the NJTA is still choosing to go with another supplier, not even allowing Tesla to keep its already-built Superchargers active, something that would be widely beneficial to EV drivers as a whole.

Musk believes the move is a sign of corruption:

While there is no explicit evidence that this is being done as a retaliatory response to Musk or Tesla specifically, it does seem extremely odd that the NJTA is not allowing the company to keep already-built and active Superchargers available to EV drivers.

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Tesla has prepared for this decision for several years already, as it knew this was a possibility. It built 116 other charging piles near the Turnpike, giving drivers access to reliable charging piles.

It would not be a surprise if there was some sort of political motivation behind the removal of Tesla Superchargers on the Turnpike. Politicians have already shown that they are willing to be very vocal about their distaste for Musk and Tesla.

Minnesota Governor and former Vice Presidential Candidate Tim Walz has been very up front about his disdain for the company and its CEO, especially as Musk took a stab at the Federal level with the Department of Government Efficiency (DOGE).

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