2023 Tesla Shareholder Meeting Shared Some Updates
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2023 Tesla Shareholder Meeting Shared Some Updates

  • The annual shareholder meeting for Tesla, nicknamed the Cyber Roundup, was the chance to update shareholders and fans about the company’s goals.
  • New vehicles were teased, and CEO Elon Musk shared progress updates on the Cybertruck and next-gen Roadster.
  • The board was also asked to come up with a public succession plan for key persons in case their behavior or loss could create a risk for the company.

The 2023 Tesla shareholder meeting was held May 16 in Austin – though Tesla has now started calling the event its “Cyber Roundup.” The agenda included teasing two new vehicles, updates on other vehicles like the Cybertruck and Roadster, and the proposal of a public succession plan for its CEO and other key figures. Let’s dive in.


Two New EVs Teased

Two new EVs got teased at the 2023 Tesla shareholders meeting, but with very little information actually shared. As CEO Elon Musk spoke, a rendered image of a vehicle’s silhouette appeared on the big presentation screen. Musk admitted that he didn’t feel this particular meeting was the time to make a new product announcement. Instead, he said there will be a proper product launch eventually.


Cybertruck Updates

During the Tesla shareholder meeting, Musk said that Tesla will be delivering its first Cybertrucks later this year, and that once production has started, the manufacturer should be able to deliver 250,000 to 500,000 per year. 

The Cybertruck should finally be going into production here in 2023, anyway. The truck has been fraught with delays, price hikes, and an unfortunate unveiling.

Musk also mentioned that the Cybertruck final product will have various attachment points so that third parties can develop attachments, even turning it into a camper.


Tesla

Second-Gen Tesla Roadster Delayed Again

One notable disappointment at the Tesla shareholder meeting was the news that the next-gen Tesla Roadster is still in pre-production. The Roadster was first unveiled in 2017 as a fun, splashy sports car. It was supposed to come to market in 2020, but it’s been repeatedly delayed over the years as Tesla pushed other products instead, like the Model 3 and Model Y.

Musk said that Tesla expects to complete the engineering and design of the new Roadster here in 2023.

“This is not a commitment, but hopefully we’ll start production next year,” he explained.


So, What About Elon Musk?

One proposal on the agenda was to have Tesla’s board come up with a public succession plan for their CEO and additional “key persons” who could create risks for the company and shareholders through either their behavior or their loss. The board did recommend that shareholders vote against this key person risk proposal, so it may not pass.

Karen Robertsdottir, a shareholder in Reykjavik, Iceland, had brought up some concerns about the optics of Tesla’s current leadership.

“At a time when Tesla’s technological leadership should be on display, the investment community largely sees us as adrift, with management focused on all matters not-Tesla, watching as Tesla’s brand favorability dropped by 15 points last year, something that costs us margins,” she said. “When people look at this company…they see the company as a synonym for its CEO, and the discussion turns to everything except for where it should be focused.”

This does bring up concerns that other investors have had regarding Musk and his online behavior, especially after Tesla was downgraded on Wall Street last December with Musk’s slapdash approach to managing Twitter. There’s also the fact that Musk was selling shares of Tesla in order to fund his buyout of Twitter in the first place.

However, Musk confirmed on Tuesday that he doesn’t plan to step down as Tesla CEO.

“I think Tesla’s going to play an important role in AI and AGI [artificial general intelligence] and I think I need to oversee that to make sure it’s good,” he said.

Shares rose only 1% after the meeting.


Board Member Updates

Former Tesla CTO and co-founder JB Straubel was elected to the current board of directors. He will take over the position that was vacated by Hiromichi Mizuno, the former chief investment officer of Japan’s $1.5 trillion pension fund.

Shareholders also elected three directors to serve for a three-year term. Tesla nominated Straubel, Musk, and current chair Robyn Denholm.


SOURCE | IMAGES: TESLA

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AUTHOR: 

JESSICA MCCORMICK

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