Tesla held its annual shareholder meeting at its factory in Austin, Texas on Thursday. The meeting invited shareholders to attend in person, in addition to over 300,000 viewers who watched the event virtually. The meeting considered 13 proposals, five of which were presented by the board – and one of which included Tesla’s latest plans for a stock split.
The event, which was streamed live on Tesla’s YouTube channel, opened with Tesla Chairman Robyn Denholm noting some of the company’s environmental achievements. Tesla’s Head of Investor Relations, Martin Viecha, spoke second and facilitated the shareholder proposal portion of the event. Finally, Elon Musk came out to review the key highlights and a final Q&A.
The following are a few of the key takeaways from Tesla’s 2022 annual shareholder meeting.
3-to-1 stock split
Regarding the proposals, the investors’ votes closely matched the recommendations of Tesla’s board of directors. The automaker announced preliminary results of the vote, which notably showed that investors approved a 3-to-1 stock split.
The other proposals ranged in topics from increased reporting on child labor practices, water reduction, collective bargaining and company measures to reduce discriminatory practices and improve workplace culture. The shareholders also voted for the re-election of two board members. While the preliminary results were announced at the Cyber Roundup event, Viecha noted that a final tally of shareholder votes will be available within four business days.
Musk boasted about Tesla’s Full Self-Driving (FSD) beta 10.13 update, saying it was almost worthy of the software version “10.69.” Additionally, the FSD beta should become available to anyone who requests it in North America by the end of this year. The system has traveled over 40 million miles.
Production is developing
Musk said Tesla estimates a production capacity of 2 million units by the end of this year. Meanwhile, Tesla produced its 3-millionth. EV within the last few weeks – a far cry from the 3,000 units produced a decade ago.
Tesla may also announce the location of its next Gigafactory by the end of this year, Musk says. And eventually, Tesla hopes to have 10 to 12 Gigafactory locations, each with 1.5 to 2 million units of annual production capacity. The Tesla Fremont Gigafactory has the highest production of any auto factory in North America, Musk says.
Cybertruck & 4680 battery cell
According to Musk, Tesla is aiming for scaled Cybertruck production by the end of 2023. And he expects to reach high-volume production of the 4680 battery cell by the end of this year.
The future of Tesla
In a bold statement, Elon Musk predicts that Tesla will one day become the most valuable company in the world with the launch of the Optimus robot en masse and self-driving robot axis.
In addition to the aforementioned notes, the Tesla Cyber Roundup saw Musk in his element, covering topics from 3D infrastructure for cities, aliens, recession predictions and, of course, one day going to Mars.
Originally published by EVANNEX. By Peter McGuthrie
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