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According to LatePost, Tesla's shareholder meeting proposal submitted to the SEC shows that from 2021 to 2023, Musk did not receive any revenue from Tesla.
In 2018, Tesla's board of directors formulated a 10-year performance incentive plan for Musk, including 12 sets of market capitalization and business goals, and Musk can get 1% options for each group achieved. Since May 2019, Musk's income has come entirely from stock options, and he no longer receives any form of cash salary.
It took just five years for Musk to complete all stock options on this incredible incentive plan, with a total value of $55.8 billion. However, on January 30 this year, the Delaware Court of Chancery ruled that Musk's sky-high option incentive was invalid. Currently, the compensation package is worth about $48 billion. On April 17, Tesla released the annual shareholder meeting document, which mentioned that it would re-authorize the voting authorization for the huge option incentive granted to CEO Elon Musk in 2018.
On April 15, Musk issued an all-staff letter saying that in order to reduce costs and improve productivity, Tesla will lay off 10% of its workforce worldwide, involving about 14,000 people. According to the data, Tesla's deliveries in the first quarter were 386,800 vehicles, down nearly 9% year-on-year and more than 20% month-on-month. And Tesla's stock price is also continuing to fall, falling 29% in the first quarter of 2024, and its current market capitalization is less than $500 billion, which is the worst period for Tesla since the end of 2022. As a result, Musk's personal wealth has also fallen sharply to $178 billion.
Wells Fargo's Colin Langan believes that Tesla is a growth company with no growth and will see zero sales growth this year, and it will be worse in 2025, with lower sales.
Tesla's history
Compared with BYD, Tesla in the United States started late. Founded in July 2003 by Martin Eberhard and Mark Tarpenning. In 2010, Tesla took over the old United Motor Manufacturing Co., Ltd. plant and became a production center in North America. In 2014, Tesla first proposed plans to build a factory in China, and in June 2017, Tesla confirmed its settlement in Shanghai's Nanhui New Town Industrial Zone. In 2020, Tesla announced a partnership with CATL. In contrast, BYD's development journey in the field of electric vehicles predates Tesla.
Continuously improve services to seize the market
As a leader in the global new energy vehicle industry, Tesla continues to conduct research and development on energy consumption and batteries, and actively solves the problems in the development of modern new energy vehicles. At the same time, Tesla is also committed to improving the after-sales service system to ensure that consumers can get a good experience after purchasing a car, so as to ensure the long-term development of Tesla's new energy vehicles.
Tesla dominates the U.S. market
In terms of market share, Tesla took the lead in the U.S. electric vehicle market with a market share of 63% in 2020. From January to May 2021, Tesla's market share in the U.S. electric vehicle market declined to 51%.
According to foreign media reports, Robert W. Baird analyst Ben Kallo said in a report released on April 9 that Tesla's decline in car sales in the first quarter of this year surprised investors, but it is expected that the company's car sales in this quarter may decline again.
Morgan Stanley analyst Adam Jonas believes that 2024 will be full of challenges for the electric vehicle industry, with weakening global demand and Tesla facing a more fierce competitive environment in major markets such as China. At the same time, Tesla's product line is aging, so he downgraded Tesla's global shipments in 2024 to 2 million vehicles, a growth rate of only 10% compared to 1.8 million vehicles in 2023.
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