Tesla’s Annual Meeting: What to Look Out For in Austin

[TruckElectric]

Musk Plays Host in Texas
Tesla’s annual shareholder meeting on Thursday will be held from the company’s under-construction factory near Austin, Texas. This event is usually a perfunctory affair: Chief Executive Officer Elon Musk speaks, and board and shareholder resolutions are voted on without much discussion or fanfare.

But with Tesla just having lost a big racial-discrimination verdict, investors making continued calls for governance changes and Musk dropping hints about a new home base while scaling operations globally, there are plenty of important matters that bear monitoring.

Austin HQ?

The new factory is nearing completion, Musk is spending lots of time in Texas, CFO Zachary Kirkhorn bought a house in Austin and Tesla has datelined each of its last two press releases from Austin. Will Musk announce that the company has moved its corporate headquarters there? It feels like just a matter of time.

Tesla's Cybertruck unveiling in November 2019.
Photographer: FREDERIC J. BROWN/AFP

Cybertruck Cameo?

Tesla has delayed initial production of the Cybertruck to next year. It’s probably the most important vehicle the company has waiting in the wings, while the Semi and next-generation Roadster seem to be perpetually on the back burner. I’m keeping my eyes peeled for a prototype appearance.

A Director’s Exit

Antonio Gracias, the founder and CEO of investment firm Valor Equity Partners, joined the Tesla board in 2007. After a 14-year run, he’s not standing for re-election, and there’s been no move to replace him. His departure means that Tesla’s board will shrink to eight from nine people. Will Gracias be at the meeting in person? He has in the past.

Management Proposals

Tesla’s management has put forth four proposals. Among them are to re-elect James Murdoch (Rupert’s son) and Kimbal Musk (Elon’s brother) to the board. Proxy adviser Institutional Shareholder Services has recommended rejecting the two directors, citing its view that they’ve been excessively compensated. It’ll be surprising if Tesla investors heed this advice, as they’ve tended to side with management.

Shareholder Proposals


Of the five shareholder proposals — all of which the board opposes — three are related to diversity and inclusion. One has asked Tesla to report more workforce data to the public. Last year, the automaker published its first-ever diversity, equity and inclusion report, but the company doesn’t release the diversity statistics it’s required to report to the government, something more big U.S. companies have started to do.

Another proposal asks for further disclosure on forced arbitration, which is how Tesla handles most of its employment disputes. Just this week, Tesla was ordered to pay a staggering $137 million in damages in the case of Owen Diaz, a former contract worker, after a jury found he was subjected to a racially hostile work environment at the company’s auto plant in Fremont, California. A juror told me Tuesday that Tesla must do more to protect its factory workers.

Also on the agenda are measures to declassify the board so that directors are subject to election each year, set up an independent board-level committee to oversee workforce-related issues, and commission a report on whether Tesla is sourcing cobalt, nickel and other materials responsibly.

I cover Tesla as a journalist and do not own any Tesla stock. Those of you who do: How are you planning to vote? Which resolutions do you feel most strongly about? Reach out anytime: [email protected] or 415-617-7231.

https://www.bloomberg.com/news/news...ors-in-texas-after-hints-of-headquarters-move

 

[Ogre]

What shareholders are most interested in is the state progress on Giga Berlin, Tera Texas, and the 4680 cells. How soon are we going to see Model Ys rolling out of Texas and Berlin? How soon can we expect scale 4680 cell production to be available? Thats what we care about most.

 

[TruckElectric]

What shareholders are most interested in is the state progress on Giga Berlin, Tera Texas, and the 4680 cells. How soon are we going to see Model Ys rolling out of Texas and Berlin? How soon can we expect scale 4680 cell production to be available? Thats what we care about most.

Reach out anytime: [email protected] or 415-617-7231.

 

[Sirfun]

What shareholders are most interested in is the state progress on Giga Berlin, Tera Texas, and the 4680 cells. How soon are we going to see Model Ys rolling out of Texas and Berlin? How soon can we expect scale 4680 cell production to be available? Thats what we care about most.

I'd like to point out that you are voicing what is important to you individually. Yes I would think those would be area's of interest for most. But not all. What I didn't like most about your comment, was the last sentence, where you used the word WE. Those talking points may be what YOU care about most, and probably many more shareholders. But please, don't put words in my mouth. I care about a lot of other things too. And the things you brought up, are not necessarily what I care about most.

 

[Ogre]

I'd like to point out that you are voicing what is important to you individually. Yes I would think those would be area's of interest for most. But not all. What I didn't like most about your comment, was the last sentence, where you used the word WE. Those talking points may be what YOU care about most, and probably many more shareholders. But please, don't put words in my mouth. I care about a lot of other things too. And the things you brought up are not necessarily what I care about most.

Touché did not mean to imply other than what you suggest.

And perhaps "Care about" is a poor choice of words. There are piles of things I care about more. I'm most interested in getting that information from this meeting.

 

[TruckElectric]

What shareholders are most interested in is the state progress on Giga Berlin, Tera Texas, and the 4680 cells. How soon are we going to see Model Ys rolling out of Texas and Berlin? How soon can we expect scale 4680 cell production to be available? Thats what we care about most.

What? No mention of the finalized version of Cybertruck? I'm shocked!


I will be devastated and traumatized if Cybertruck does not make an appearance at Giga Austin tomorrow. BUT, I have high hopes?

 

[Ogre]

What? No mention of the finalized version of Cybertruck? I'm shocked!


I will be devastated and traumatized if Cybertruck does not make an appearance at Giga Austin tomorrow. BUT, I have high hopes?

Cybertruck is 100% dependent on the 4680, it is a dependent task... if the 4680 is hooked up, then it will lead to discussion of the Cybertruck and Semi status. If the 4680 is still in limbo, they won't be discussed much.

 

[TruckElectric]

Cybertruck is 100% dependent on the 4680, it is a dependent task.

Oh, the old "cart before the horse" argument.

if the 4680 is hooked up, then it will lead to discussion of the Cybertruck and Semi status. If the 4680 is still in limbo, they won't be discussed much.

MUCH? Who cares as long as something is mentioned about Cybertruck.

Of course, the more details the better but that goes without saying, right?

 

[egandalf]

I will be devastated and traumatized if Cybertruck does not make an appearance at Giga Austin tomorrow.

I think we'll see it. But will it be a *different* one??????

 

[Ogre]

I think we'll see it. But will it be a *different* one??????

I haven't seen a Tesla shareholder's meeting. Do they go full dog and pony?

I've been to a few shareholders meetings and they vary quite a bit between watch-the-paint-dry bad to reasonably interesting.

 

[egandalf]

I haven't seen a Tesla shareholder's meeting. Do they go full dog and pony?

I've been to a few shareholders meetings and they vary quite a bit between watch-the-paint-dry bad to reasonably interesting.

Not most of them I've seen/heard, but I started paying attention right after the CT and we were in pandemic lock-down mode a scant 4 months after that.

 

[Ogre]

Not most of them I've seen/heard, but I started paying attention right after the CT and we were in pandemic lock-down mode a scant 4 months after that.

Then we should probably take it easy on expectations.

That's a bummer, I was getting all geared up for a Teslabot driving a Cybertruck through a flaming circle.

 

[Ogre]

Shareholder meeting is live.

https://www.tesla.com/2021shareholdermeeting

Just music for the moment.

 

[Ogre]

Meeting is started but Dear lord the sound Q is horrible.

 

[Crissa]

I haven't seen a Tesla shareholder's meeting. Do they go full dog and pony?

Elon likes to. It's free advertising. It's all going to be remote so... who knows?

-Crissa