XPEV - Tesla Sweats Over Approval Of Elon Musk's Pay Plan Ford's Distress Call To Suppliers Faraday Future's Mouthwatering Rally And More: Biggest EV Stories Of The Week | Benzinga
Electric vehicle stocks rebounded strongly this week, thanks to the broader market buoyancy and the frenzied buying in the small-cap space on the back of the meme rally 2.0.
Here are the key events that happened in the EV space during the week:
Tesla Goes All Out To Convince Shareholders: Tesla, Inc. (NASDAQ:TSLA) is working diligently to get CEO Elon Musk’s 2018 compensation package reapproved by shareholders at the June 13 annual meeting. The company has been courting retail shareholders through a dedicated “Vote Tesla” website, and has appointed a strategic advisor and an external law firm to spearhead the campaign, Bloomberg reported.
Fund Manager Gary Black expressed confidence in the pay plan being approved, seeing it as crucial for ensuring Elon Musk’s continued involvement with Tesla.
Tesla, meanwhile, continued to tinker with pricing and promotional measures. The company raised the price of the Model 3 Performance variant by $1,000 in the U.S., on top of a $1,000 hike announced earlier this month. The development is important because the company launched the Model 3 refresh in the U.S. less than a month ago.
Ford Appeals To Suppliers: Legacy automaker Ford Motor Co. (NYSE:F), which is struggling with its EV transition, is trying hard to cut losses of its EV business. Crain’s Detroit Business reported Thursday that the company sent a memo to suppliers, seeking their help to reduce costs.
“We have all invested heavily in the success of the EV business, and we will all win or lose together,” Liz Door, Ford’s chief supply ...