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Posted on EVANNEX on August 05, 2022, by Peter McGuthrie
Tesla held its annual meeting of stockholders at its Austin, Texas factory on Thursday. The meeting invited shareholders to join in person, in addition to over 30,000 viewers who watched the event virtually. The meeting addressed 13 proposals, five of which were introduced by the board of directors — and one of which included Tesla’s recent plans for a stock split.
Above: Elon Musk at Tesla’s 2022 annual stockholder meeting. Photo: Tesla
The event, as livestreamed on Tesla’s YouTube channel, opened with Tesla Chairperson Robyn Denholm who noted some of the company’s environmental achievements. Tesla’s Head of Investor Relations Martin Viecha spoke second and facilitated the shareholder proposals portion of the event. Finally, Elon Musk came out to go through the key highlights and a final Q&A.
Following are a few of the key takeaways from the 2022 Tesla Annual Stockholder Meeting.
3-FOR-1 STOCK SPLIT
Regarding the proposals, investors’ votes aligned closely with recommendations from Tesla’s board of directors. The automaker announced preliminary results on the vote, most notably showing that investors approved a 3-for-1 stock split.
The other proposals ranged in topic from increased reporting in child labor practices, water reduction, collective bargaining and the company’s measures to reduce discriminatory practices and improve workplace culture. The shareholders also voted to re-elect two board members. While the preliminary results were announced at the Cyber Roundup event, Viecha noted that a final tally of shareholder votes will become 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.” In addition, FSD beta should become available to anyone who requests it in North America by the end of this year. The system has over 40 million miles driven.
Musk said Tesla is estimating a two million-unit production capacity by the end of this year. Meanwhile, Tesla produced its 3-millionth EV within the last week —coming a long way 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, says Musk. And, eventually, Tesla hopes to have 10 to 12 Gigafactory locations, each with 1.5 to 2 million units in annual production capacity. The Tesla Fremont Gigafactory has the highest production output of any factory in North America, Musk says.
CYBERTRUCK AND 4680 BATTERY CELL
Tesla is targeting scaled Cybertruck production by the end of 2023, according to Musk. And, he expects to reach high volume production of the 4680 battery cell by the end of this year.
THE FUTURE FOR TESLA
In a bold statement, Elon Musk predicts that Tesla will someday become the most valuable company in the world with the onset of the Optimus robot en masse and self-driving robotaxis.
SHAREHOLDER MEETING [FULL VIDEO]
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