XPEV - Tesla Chair's Ultimatum On June 13 Rivian Refreshes R1 Lineups Nikola Gets Green Light For Reverse Split And More: Biggest EV Stories Of The Week | Benzinga
Electric-vehicle stocks retreated in the week that ended on June 7, with the broader market volatility weighing down on the space. Tesla, Inc. (NASDAQ:TSLA) ended modestly lower for the week, while Rivian Automotive, Inc. (NASDAQ:RIVN) and Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE), which has been heavily promoted by retail traders on social media, bucked the downtrend.
Here are the key events that happened in the EV space during the week:
Tesla’s All Out Strategy: As Tesla’s renewal of CEO Elon Musk’s 2018 pay package divides stakeholders, the company is making every effort to secure shareholder approval at the upcoming meeting on June 13. Tesla Chair Robyn Denholm said in a new letter to shareholders that the vote is about “fairness, respect and the future of Tesla.”
She also raised the specter of the billionaire losing his motivation to invest in Tesla if the proposal is voted down.
“Upholding our end of the bargain, then, by ratifying the decision we all made in 2018, is more important than ever. If Tesla is to retain Elon's attention and motivate him to continue to devote his time, energy, ambition and vision to deliver comparable results in the future, we must stand by our deal.” she said.
This week, Tesla received support from an unexpected source. Former President Donald Trump, while speaking at a campaign rally in Arizona, said, “I'm a big fan of electric cars. I'm a fan of Elon [Musk].”
“I like Elon, I like him, and I think ...