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Vanguard vote key to Elon Musk’s Tesla pay package ratification

MINISTÉRIO DAS COMUNICAÇÕES, CC BY 2.0 , via Wikimedia Commons

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Vanguard, Tesla’s second-largest shareholder behind CEO Elon Musk, detailed its decision to ratify his $56 billion pay package in a pamphlet released on Friday by the investment advisor.

At Thursday’s Annual Shareholder Meeting, Musk’s ratification request was passed after it needed to be voted on once again following a void by a Delaware Chancery Court Judge earlier this year.

Large shareholders and investment firms that held a sizable stake in the automaker took center stage as the ratification was one of the biggest issues Tesla faced in recent memory. The implications were grand, as a denial could have meant the end of Musk’s reign at Tesla, where he has built the company from a little-known disruptor to the world’s most valuable automaker in the course of less than two decades.

While several firms and investment groups said they would not support Musk’s pay package, Vanguard said on Friday that it voted for the ratification. After an evaluation process, which included meeting with executives and board members, Vanguard ultimately decided to support Musk’s ratification:

“In our 2024 analysis of the performance award, which would grant Tesla’s CEO approximately 300 million options (adjusted for stock splits since the initial grant date) given the achievement of a series of performance conditions, we noted that the company’s performance and associated shareholder returns since 2018 have significantly outperformed the market and have been positive outliers.”

It also noted the total shareholder return was in the 98th percentile of all Russell 3000 companies from 2018 to 2023. “There are few companies that have created as much absolute market value appreciation as Tesla.”

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Additionally, board members and executives at Tesla were fully aware of Musk’s influence and fully supported his ratification, which they detailed to Vanguard:

“To further inform the funds’ voting decisions, we met with Tesla executives and board members. During our engagement, board members reinforced their conviction regarding the importance of retaining the CEO and highlighted that the plan’s five-year post-exercise holding requirement maintains the alignment of the CEO’s economic interests with the company’s shareholder base.”

Any concerns or reservations Vanguard had going into the meeting were essentially obliterated after the analysis and meetings with executives. The firm said that it voted for the ratification of Musk’s pay package on Thursday:

“Our analysis, consistent with our concerns in 2018, found that the current value of this grant is a substantial outlier relative to CEO compensation levels of any potential peer group. That said, the unique circumstance of evaluating the plan retroactively eliminated our concerns that significant pay could be earned without company outperformance relative to the market or peers. Given the strong alignment of executive pay with shareholder returns since 2018 and the benefits the board asserted related to the motivational value for the CEO in preserving the original deal (which was approved by a majority of shareholders in 2018), the Vanguard-advised funds voted for the ratification of the CEO’s 2018 option award at the 2024 annual meeting.”

Vanguard’s 232 million shares of Tesla that it owns equate to roughly 7 percent of the automaker. The firm manages roughly $9 trillion in total assets.

You can read Vanguard’s full report on the Tesla Shareholder Meeting here.

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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.

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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EVgo taps Tesla Superchargers for mass charging expansion

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Credit: EVgo

EVgo has tapped Tesla Superchargers for its most recent efforts to expand its charging presence in the United States, a move that seems logical based on the effectiveness of the automaker’s own infrastructure.

EVgo opened its first Supercharger site in Illinois, a 12-stall station near downtown Chicago at 3145 South Ashland Avenue in the Riverside Square & River’s Edge center, right beside a grocery store. This marks the start of the company’s plan to deploy hundreds of Supercharger stalls across the United States, primarily at grocery-anchored Regency Centers properties where drivers can shop, eat, or run errands while they charge.

The new location uses Tesla’s Magic Dock technology so both NACS and CCS vehicles can plug in natively without drivers needing to carry their own adapters. Peak power reaches 325 kW at this site, with pricing set between $0.25 and $0.35 per kWh depending on the hour—the same rate for Tesla and non-Tesla drivers.

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The stalls also appear in Tesla’s in-car navigation and Trip Planner, making them easy for Tesla owners to find and route to. Illinois has seen EV registrations rise nearly 60 percent over the past two years, and EVgo’s broader network has experienced more than 700 percent growth in charging demand over three years, so the timing fits the market’s trajectory.

Choosing Tesla hardware through the Supercharger for Business program turns out to have been a smart, practical move.

Tesla’s V4 stalls and cabinets deliver high, reliable power with a proven track record of strong uptime, while Magic Dock delivers true dual-standard compatibility in one package. Because the sites show up in Tesla’s navigation tools, EVgo instantly gains visibility among millions of existing Tesla drivers, which should raise utilization and help the company double its addressable market as more vehicles adopt NACS. EVgo still owns the stations and sets pricing, yet benefits from Tesla’s established hardware, longer cables, and operational support.

The result is faster, lower-risk infrastructure expansion that serves every EV driver—Tesla or otherwise—with convenient, high-power charging at everyday retail locations. For drivers, that means fewer adapters, more predictable stops, and a denser network just as electric vehicles become everyday transportation.

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Tesla Giga Texas reportedly moves to 24/7 production

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Credit: @JoeTegtmeyer/X

Tesla’s Austin Gigafactory is reportedly shifting to round-the-clock vehicle production through the end of 2026, according to longtime drone observer Joe Tegtmeyer.

In his November 2 update, Tegtmeyer, widely regarded as one of the most reliable independent sources on Giga Texas activity (we call him the Drone GOAT), stated that the plant has added a night shift, creating two 12-hour production shifts.

Tegtmeyer said in his video:

“Now, I do have some interesting news about that when it comes to the production schedule here at Giga Texas, and things are actually looking pretty good, especially when you think about what the demand is and the delivery numbers that they’re looking for and what they’re expecting. So, normally they have shifts Monday through Friday. It’s a day shift and it’s about 10 hours long or so, give or take. But now they’re on day and night shifts and they’re going to 12-hour days. So they’re going to be adding or they have another shift. They have 12 hours for both of them. In addition to that, the typical downtime that we’re going to be seeing around the holidays, specifically Thanksgiving and Christmas to the New Year time frame is actually changed. And we’re not going to see those big several day events where there is no production. At least that’s what the plan is right now. So, it’s really a great sign, I think, when we consider what they’ve done in the past and what production and the deliveries have been so far. So, maybe it’s shaping up to be a really strong quarter.”

Previously, General Assembly typically operated on a single roughly 10-hour day shift, Monday through Thursday or Friday. The new arrangement keeps General Assembly on its Monday-to-Thursday schedule while adding overnight capacity, and most other areas of the factory continue working the full week with some weekend activity.

Notably, the plant is also forgoing the multi-day shutdowns around Thanksgiving and the Christmas–New Year period that have occurred in prior years

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Giga Texas currently builds the Model Y, the larger Model Y L, the Cybertruck, and the Cybercab robotaxi. Tesla has not confirmed the shift change or specified which lines will receive the extra output. Recent comments suggest Cybercab production has been constrained by the pace at which the Robotaxi fleet can absorb new vehicles, making the Model Y and Model Y L the more likely beneficiaries as the company works through order backlogs.

Tegtmeyer’s November 2 footage and commentary also highlighted broader site progress. Cortex 2 continues to expand, with additional compute coming online, a roughly 25 percent lengthening of the structure on the north end, and work on a third cooling plant.

The Boring Company tunnel site showed increased activity in the large launch pit, while the Advanced Technology Chip Fab (a SpaceX–Tesla joint R&D facility) continued steel superstructure and heavy truss installation, along with concrete pours.

The reported capacity increase arrives as Tesla aims for a strong fourth quarter following solid third-quarter results. While unconfirmed by the company, the information aligns with Tegtmeyer’s consistent track record of accurate on-site observations.

If Tesla makes the decision to sustain the all-day production plans, the dual 12-hour shifts would meaningfully raise weekly output potential at one of Tesla’s most important manufacturing hubs.

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Tesla opens new “Cybaer” Engineering Center in Berlin

Tesla opened its Berlin Engineering Center, uniting four sites and 30 labs near Giga Berlin.

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Tesla has opened a new engineering hub in Berlin, putting the teams that design and test its European parts about 30 minutes from the factory that builds them.

The Berlin Tesla Engineering Center, or BTEC, opened Wednesday in the Köpenick district. Tesla Europe said on X that the project went from permit to operational in under a year and consolidates four engineering sites and 30 labs onto a single campus. It is the company’s third hub of this kind, after Fremont and Shanghai.

“We’re combining materials, powertrain, vehicle engineering & validation under one roof, enabling a short feedback loop between development & ramp,” Tesla Europe wrote.

 

Tesla converted the former production halls of a cable factory for the site. About 250 engineers and technicians are starting there, most of them relocated from existing Tesla facilities such as Tilburg in the Netherlands. Tesla has already applied for approval of a second phase that would take the headcount to roughly 500, and it put the total investment at €100 million.

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The labs cover battery cells, motors, materials and complete vehicles, and a large hall is set aside for safety testing of components, including airbags. During the opening, staff demonstrated a pedestrian leg impact test on the front of a Tesla using a catapult rig, Tagesspiegel reported. The center’s logo is a cubist Berlin bear that employees call the “Cybaer.”

Tesla said its Berlin design and engineering teams already contributed to the Model Y, Semi and Roadster, and that the work continues at BTEC. The center will handle technical problem solving for Giga Berlin in Grünheide while also developing and validating parts for vehicles built in China and the United States.

“We came here to stay,” BTEC head Brückner told dpa. “We serve all of Europe via Gigafactory Berlin-Brandenburg.” He said a site close to the plant was a priority, and that the old industrial building allowed Tesla to move quickly.

That proximity matters more now that Giga Berlin is growing again. In June, Tesla said it would raise Model Y output at the plant to 7,500 vehicles per week and hire 1,000 more workers after a record first quarter of more than 61,000 units. The factory recently built 7,000 Model Ys in a single week for the first time. Tesla also more than doubled the planned 4680 cell capacity at the site to 18 GWh per year in May, and has talked about eventually taking Grünheide to one million vehicles annually.

Sales are giving Tesla reason to invest. KBA data released the same day showed Tesla’s German registrations nearly quadrupled year over year in October to 2,932 units, bringing the total for the first ten months of 2026 to 47,742.

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