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Tesla, Inc. (NASDAQ: TSLA) is a pioneering American multinational company based in Austin, Texas, that is at the forefront of the automotive and energy sectors. Tesla designs and manufactures electric vehicles (EVs), including luxury and midsize sedans, crossover SUVs, a light truck, and a semi-truck. The company also has plans to introduce more affordable vehicles and a sports car. In 2023, Tesla achieved global deliveries of over 1.8 million vehicles, solidifying its position as a leader in the EV market.
Tesla's energy division produces stationary battery energy storage devices suitable for both residential and commercial use, from home battery systems to large-scale grid solutions. The company's solar energy products include solar panels and solar roof tiles. Additionally, Tesla operates its own fast-charging network, providing convenient charging solutions for EV owners.
Tesla is a vertically integrated company, meaning it controls multiple stages of its production process, including the development of autonomous driving software. This approach allows Tesla to optimize its operations and innovate rapidly. Recent achievements include a significant deal with bp pulse, BP's EV charging business, to supply $100 million worth of Tesla's ultra-fast charging hardware units. This partnership aims to expand BP's public charging infrastructure across the U.S., with installations beginning in 2024.
Financially, Tesla continues to show robust performance, driven by its innovative technologies and strategic partnerships. The company’s efforts to expand its product line and enhance its energy solutions demonstrate its commitment to accelerating the world's transition to sustainable energy.
Tesla (TSLA) has announced the release of its Q2 2024 financial results. The company has posted an update on its Investor Relations website for shareholders and interested parties to review. To discuss these results and provide an outlook, Tesla management will host a live Q&A webcast on Tuesday, July 23, 2024, at 4:30 p.m. Central Time (5:30 p.m. Eastern Time).
Investors and analysts can access the Q2 2024 update and join the webcast through Tesla's Investor Relations website. The webcast will be archived on the company's site for future reference. This announcement serves as a notification for stakeholders to prepare for the upcoming financial disclosure and management discussion.
Tesla has announced its vehicle production and deliveries for the second quarter of 2024. The company produced approximately 411,000 vehicles and delivered around 444,000 vehicles. This includes 386,576 Model 3/Y and 24,255 other models.
Tesla also reported deploying 9.4 GWh of energy storage products in Q2, marking its highest quarterly deployment to date. The company will release its financial results for this quarter on July 23, 2024, after market close, followed by a live Q&A webcast at 4:30 p.m. Central Time.
The webcast will be available on Tesla's Investor Relations website, and an archived version will be accessible approximately two hours after the session. The financial results will include net income and cash flow data, which will be detailed in the Q2 earnings announcement.
Tesla held its 2024 Annual Meeting of Stockholders where shareholders approved the 2018 CEO Performance Award and the relocation of the company to Texas. As a result, Tesla is now a Texas Key proposals included electing directors James Murdoch and Kimbal Musk for three years, approving executive compensation, and ratifying the performance-based stock option award to Elon Musk.
Other approved proposals were the appointment of PricewaterhouseCoopers LLP as the independent auditor for 2024. However, several stockholder proposals, such as reducing director terms to one year and adopting sustainability metrics for executive compensation, were rejected.
The American Association for Justice, Americans for Financial Reform Education Fund, and Consumer Federation of America have raised concerns about Proposals 3 and 4 at Tesla's upcoming annual meeting on June 13, 2024. The proposals involve ratifying Elon Musk's 2018 compensation package, previously deemed misleading by a Delaware court, and moving Tesla's incorporation from Delaware to Texas. These actions could weaken shareholder protections and set a precedent for other companies to bypass court rulings meant to protect shareholders. Leading advisory firms have advised shareholders against approving these proposals, and major investors have criticized them. The Coalition warns that adopting these proposals could undermine corporate governance and shareholder rights broadly.
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