The Tesla Gigafactory Texas played host to the company’s annual shareholder meeting, now dubbed the “Cyber Roundup,” on Thursday.
In the wake of Tesla’s which indicated a drop in revenue due to production issues, the Cyber Roundup arrives at an opportune moment.
A three-for-one stock split was one of the 13 shareholder resolutions on the agenda, and it looks to have helped Tesla’s shares rise by 0.40 percent.
In the wake of a number of lawsuits accusing Tesla of sexual, racial, and gender harassment in the workplace, various recommendations were made to improve the company’s ethical standards.
Five important ideas emerged from the conference.
Approval of a stock split
Investors in Tesla agreed to a 3-1 stock split, bringing the company’s shares down to around $300. However, it’s unclear when that will go into effect.
When Tesla first announced the shareholder proposal on March 28, it did it via Twitter, demonstrating the company’s mastery of the medium. Tesla’s stock has risen by 20% from June’s lows, when Musk’s planned Twitter takeover was at its height of controversy. After-hours trading on Thursday saw the price of shares rise to $928.55.
Changes to the ethical code are unlikely to pass
As a result of shareholder outcries, Tesla has pledged to make its lobbying efforts and the company’s use of child labour in the mining of battery materials more transparent and accountable. To better reflect Tesla’s staff, they’ve also pushed for increased diversity on the board.
Even though the results aren’t in, early indications are that Tesla shareholders have rejected all of these ideas.
A raucous atmosphere permeated the 2022 shareholder meeting, which was the first in a few years when hundreds of people could attend in person.
Investors in the audience encouraged Musk and asked him questions. They also went above and above in their capacities as Tesla supporters. Audience members laughed and cheered as Nathan Cummings Foundation director of corporate and political accountability Laura Campos, spoke about her suggestion to strengthen Tesla’s lobbying disclosures towards the end of her time. In the same way, the audience laughed and cheered when Sister Dorothy of the Good Shepherd challenged the corporation to improve its reporting on child labour in its cobalt supply chain, the Sisters of the Good Shepherd were regarded with ridicule.
Amid the thunderous clapping and screams from the audience, Musk smiled warmly and played up to his biggest fans: retail investors. Even though his Twitter purchase didn’t work out as planned, it didn’t stop him from entertaining the crowd and telling them he loved them and that they were the “greatest crowd” in the world.
Increasing numbers of megafactories are needed
Musk hinted at the possibility of a new location for a gigafactory later this year. Tesla is expected to construct “at least 10 or 12 gigafactories,” according to the executive. In 2017, Elon Musk said that Tesla will develop between 10 and 20 gigafactories in the future.
Tesla’s sales are booming, so it’s no surprise that CEO Elon Musk wants to expand the company’s manufacturing presence. After making its 3 millionth car in the previous few weeks, Tesla reiterated its objective of producing 2 million cars a year by 2022.
The following are some further observations
As previously stated, Tesla’s advanced driver assistance (ADAS) and full self-driving beta (FSD) systems would be significantly expanded by Musk in the future.
By the end of this year, “we’ll have well over 100 million kilometres,” claimed Tesla CEO Elon Musk. “And we’re still on schedule to have FSD beta widely deployed in North America this year.”
Additionally, as Tesla prepares to begin permitting the use of its charging infrastructure by EVs other than Teslas, Musk promised some “interesting stuff” for the Tesla Supercharger network.
As a result of inflation, Musk suggested that the Cybertruck’s specifications and pricing may alter from those previously announced in 2019, although he did not go into detail.