FFIE - Tesla China's Steep Model Y Output Cut Lucid Wields The Ax Ford Rumored To Ease Dealer Requirements For EV Sales And More: Biggest EV Stories Of The Week | Benzinga
Electric vehicle stocks mostly fell in the week that ended on May 24, as the midweek market weakness and a lack of any meaningful catalyst weighed down on them.
Here are the key events that happened in the EV space during the week:
Tesla China’s Rumored Production Cut And More: Tesla has cut Giga Shanghai’s output of the company’s bestselling Model Y EV by a double-digit percentage since March, a Reuters report said this week, citing industry data and a source. The production cut has come amid the ongoing demand weakness and intensifying competition in China.
The EV giant is going all out to get shareholders to agree on CEO Elon Musk’s 2018 compensation plan. The company released a new letter this week, with Chair Robyn Denholm as the letter’s signatory.
“Elon hit every ‘jaw-dropping’ target in the innovative and ambitious 2018 Award, leading to staggering growth,” Tesla said in the letter. “We have seen what the leadership of an incentivized Elon can do to drive innovation and create value. Protect that same value creation for the future.”
The company also criticized the annulment of the 2018 pay plan.
“And in America, a deal should be a deal. Despite having a signed contract in place, Elon has not been compensated for any of his work for Tesla over the past six years, even though he led Tesla to significant growth and stockholder value,” it said.
In a post on X, Musk underlined ...