News

Over 1,700 Tesla investors are responding to Elizabeth Warren’s call for Musk investigation

Credit: Andrea Conway/X

Published

8 months ago

August 12, 2024

Simon Alvarez

Over 1,700 Tesla shareholders are responding to Massachusetts Senator Elizabeth Warren, who recently wrote a letter to Tesla Board Chair Robyn Denholm asking the EV maker’s Board of Directors to investigate CEO Elon Musk’s alleged conflicts of interest. As per the Tesla shareholders, the US Senator’s efforts are better directed towards matters that directly relate to her home state.

US Senator Warren’s letter to the Tesla Board of Directors was made public last week. The official outlined several concerns in her letter, such as Musk’s alleged diversion of Tesla’s resources to xAI, his alleged conflicts of interest, and the alleged neglect of corporate governance duties from the Tesla Board of Directors. Warren also argued that Tesla shareholders have “suffered” from a lack of oversight at the EV maker.

In their response, the TSLA shareholders noted that they are concerned about the US official’s focus on Tesla, especially since the EV maker is not domiciled in Massachusetts. The stockholders, who number over 1,700 as of a recent update, also addressed some of the US Senator’s concerns in her letter.

? Sen Warren

Only 24h and already 1,742 signers of the letter to Senator Warren. You are amazing.

If someone from MA knows a journalist there, let me know.

To sign:
-> https://t.co/vjJS5w26sg or
-> https://t.co/eWCX59xzJF

Will print out on Wednesday and mail to her. https://t.co/8Y5Ate91nG— Ale?andra Merz ?? (@TeslaBoomerMama) August 11, 2024

Following is the Tesla stockholders’ letter to US Senator Warren.

Dear Senator Warren,

We, the undersigned Tesla shareholders, are writing in response to your letter dated August 8, 2024, addressed to Dr. Robyn Denholm, Chair of the Board of Tesla. We must express our deep concern and disappointment regarding your unwarranted interference in Tesla’s affairs.

First and foremost, we question the basis of your involvement in this matter. Tesla is not domiciled in your state, and to our knowledge, you are not a shareholder. Your attempt to exert influence over a company in which you have no direct stake is, frankly, perplexing and concerning.

We cannot help but view your actions as politically motivated, particularly given the timing of your letter during a Presidential election period. This appears to be an attempt to generate political pressure rather than a genuine effort to address shareholder concerns.

Your letter conspicuously fails to acknowledge Tesla’s significant contributions to the American economy, the global shift to EVs and to a sustainable future. As the most American car maker, Tesla has created tens of thousands of jobs across the country. Moreover, Elon Musk’s other ventures have further bolstered American innovation and employment. Your silence on these crucial points is telling.

Addressing Your Specific Points:

1. Diversion of Al Resources: The allocation of resources across Musk’s companies often leads to synergies that benefit Testa. This is a matter for the Board and shareholders to address, not external politicians.

2. Founding of xAI: The potential for collaboration between XAl and Tesla could drive innovation in ways that ultimately benefit our company and shareholders.

3. Conflicts of Interest: The Board is well aware of its fiduciary duties and is capable of managing potential conflicts without external political pressure.

4. Board’s Oversight: We have confidence in our Board’s ability to provide appropriate oversight. Your assertions of failure are both premature and presumptuous.

5. Shareholder Concerns: While some concerns exist, many shareholders continue to support Mr. Musk’s vision and leadership. We prefer to address these matters internally, without political interference.

6. Your Questions: While your questions are noted, we believe they should be addressed to the Board by legitimate stakeholders, not by politicians seeking to make headlines.

Senator Warren, while we respect your role as a public servant, we strongly believe your energies would be better directed towards matters that fall within your purview as a Senator from Massachusetts.

Testa’s corporate governance is a matter for its Board, its shareholders, and the appropriate regulatory bodies.

We kindly request that you refrain from further interference in Tesla’s affairs. Instead, we suggest focusing on creating an environment that fosters innovation and job creation – areas where Tesla and Elon Musk’s other ventures have demonstrably excelled.

We stand firmly behind Testa’s mission and leadership, and we will continue to work constructively with the Board to ensure the company’s ongoing success and adherence to proper governance standards.

Sincerely,

Tesla Shareholders

This is not the first time that Tesla or Musk has found itself in the crosshairs of the US Senator. Back in December 2021, Warren called for changes in the US tax code so that Elon Musk would stop “freeloading off everyone else.” In December 2022, Warren sent a letter to Tesla’s Board of Directors asking them if Elon Musk has been diverting the EV maker’s resources to Twitter. In July 2023, Warren also sent a letter encouraging the SEC to investigate Tesla and its Board of Directors, citing potential “conflicts of interest, misappropriation of corporate assets, and other negative impacts to Tesla shareholders” related to Elon Musk’s acquisition of social media platform Twitter.

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News

Hyundai & Posco partner for US steel plant amid Trump tariff pause

Published

1 hour ago

April 22, 2025

Maria Merano

(Credit: Hyundai)

Hyundai Motor Group and Posco Holdings have signed a memorandum of understanding to collaborate on a U.S. steel plant in Louisiana, leveraging a three-month suspension on President Trump’s tariffs. The partnership strengthens Hyundai’s U.S. manufacturing strategy, which includes investing billions into the country to increase production.

Posco will take an equity stake in the Louisiana steel factory, which is set to begin production in 2029 with an annual capacity of 2.7 million tonnes, per a Hyundai Steel regulatory filing. The $5.8 billion project, part of Hyundai’s broader $21 billion U.S. investment unveiled last month with President Donald Trump, may see Posco sell some of the plant’s steel output. The initiative aligns with Hyundai’s efforts to localize production and mitigate tariff impacts.

President Trump imposed 25% tariffs on South Korea this month but paused the levies for three months later. In response to the impending Trump tariffs, Hyundai’s U.S. COO Claudia Marquez launched the Hyundai Assurance Program during the 2025 New York International Auto Show.

“When it comes to the customers, which again is tough and even for us just for planning purposes, what we wanted to make sure is that we have a plan, so we launched our Hyundai Assurance Program, which is confirming and assuring to customers that [prices] are not going to go up, at least this next couple of months,” Marquez said, emphasizing price stability.

Hyundai dives into the robotaxi business with TX-based startup

Hyundai Motor Group has boosted production in the United States since President Donald Trump was reelected. The South Korean automaker wants to limit the impact of Trump’s tariffs through its plants in the United States, namely the factories in Georgia and Alabama.

“Hyundai Motor and its partners are investing $12.6 billion (18.4 trillion won) in an assembly plant and two battery joint ventures, enabling additional production capacity. The decision to make this investment was made during the first Trump administration,” said Hyundai’s President and CEO Jose Muñoz.

The Posco partnership enhances Hyundai’s supply chain resilience, which is critical as Trump’s tariffs loom. By 2029, the Louisiana plant could reduce reliance on imported steel, aligning with Trump’s domestic production goals. Hyundai’s strategic investments and Assurance Program position it to navigate trade uncertainties while reinforcing its presence in the U.S. market.

News

Tesla could face emissions credit tax in Washington

Tesla could be subject to a tax on its emissions credit sales in Washington, just ahead of the beginning of the state’s phase-out of gas vehicles.

Published

14 hours ago

April 21, 2025

Zachary Visconti

Credit: Tesla

Tesla could face a new tax on the emissions credits it sells to other automakers, as introduced this month by legislators in the state of Washington.

As detailed in an op-ed from the Wall Street Journal on Monday, Democrats in Olympia have filed two companion bills proposing a 10 percent tax on the electric vehicle (EV) emissions credits Tesla sells, valued at roughly $1.79 billion globally last year. The emission credits market was created out of regulations requiring automakers to start phasing out gas vehicles, allowing Tesla, which only makes EVs, to sell the credits to gas automakers which aren’t able to meet the upcoming phase-out goals.

“The creation of these tradeable and bankable credits creates the opportunity for a financial windfall accruing to firms that are not burdened by the legacy production of internal combustion engine vehicle,” legislators wrote in the proposal. “It is the intent of the legislature to address this unintended outcome by taxing the windfall profits.”

Olympia Republicans went on to file a counter to the bill, which would effectively prohibit such a tax as well as “any other tax that applies to only one individual, business, or entity.”

READ MORE ON TESLA EMISSIONS CREDITS: Tesla to help automakers comply with the EU’s 2025 CO2 emission rules

Washington joined California in 2020 in setting regulations to phase out gas vehicles by 2035, requiring a maximum of 20 percent plugin hybrid vehicles sold in the year along with making 80 percent of the year’s sales fully electric. The initial phase-out regulations kick off in 2026, requiring automakers to make 35 percent of their new vehicles fully electric or plugin hybrids, before that level increases to 51 percent in 2028, and 68 percent in 2030.

Tesla’s vehicle sales in Washington made up just 10 percent of those sold in the state last year, while the company has about 54 percent of all emissions credits in the state, according to the Washington Policy Center.

The Wall Street Journal editorial calls the new proposals “abusive lawmaking,” saying that targeting a single company would be strongly opposed by progressives if it were suggested by the Trump administration. Additionally, the op-ed highlights that Tesla and CEO Elon Musk set the price for the emissions credits, meaning that they could simply charge automakers more for them to make up for money lost on the tax.

U.S. Supreme Court to hear challenge on California emission rule waiver

News

Tesla’s Hollywood Diner is finally getting close to opening

Tesla’s construction of the Southern California diner, drive-in, and Supercharger hasn’t exactly been quick, but it appears to be getting close to opening.

Published

17 hours ago

April 21, 2025

Zachary Visconti

Credit: HowardModels | Twitter

Tesla looks to be getting closer to opening its highly anticipated diner, drive-in movie theater, and Supercharger location in Southern California, after the company began construction on the project in the latter part of 2023.

On Sunday, X user BLKMDL3 stopped by the Hollywood Tesla Diner location and shared photos of the site, noting that Superchargers are now lit up, parking lots are fully paved, and construction generally appears to be nearing completion. The news comes after Tesla has been building out the site for around 18 months, which many have pointed out is longer than some of the company’s latest production facilities have taken.

Tesla has yet to disclose when it plans to open the Supercharger location, though it appears to be getting closer than ever, at least as far as construction is concerned. The company also included some code related to integration with the diner in its latest version of the Tesla mobile app in January, along with posting its first job listings for the site in August.

You can see the latest progress on the Tesla Diner below, courtesy of X user BLKMDL3.

Credit: BLKMDL3 | X

Credit: BLKMDL3 | X

Credit: BLKMDL3 | X

Looks like the Tesla diner is about to open. This thing took forever to build, but it seems like it's finally happening! ⚡️🔋🚗

Who's gonna drop by here for a quick (or not so quick) charge and bite?🍽️ https://t.co/r1e6mTrlEF

— TESLARATI (@Teslarati) April 21, 2025

READ MORE ON TESLA SUPERCHARGERS: Tesla is building a new UFO-inspired Supercharger in the heart of Alien country

The user also notes that the adjacent parking lot is being built out to include additional Supercharger stalls, with the actual lots for the diner including around 28 to 32 stalls total, consistent with permits for the project. Next door, the user says the company is building roughly an additional 50 or so stalls, though these aren’t likely to be open when the diner initially opens.

The site is located at 7001 West Santa Monica Boulevard, and according to Elon Musk’s original concepts for the Supercharger discussed on what was then Twitter in 2018, the unique charger is set to include a 1950s-style diner with rock and roll and waiters on roller skates, in addition to drive-in theater screens playing scenes from the best movies in history.

Tesla gained a series of construction permits for the project throughout 2023, before officially beginning construction in September 2023. You can see photos from the site below, taken just weeks after groundbreaking, as well as in January and April of last year.

Tesla’s LA Diner and Supercharger in November 2023