Approval marks a new era of confidence and innovation for Tesla’s global growth

Tesla’s shareholders have given a powerful vote of confidence to CEO Elon Musk, approving his record-breaking $878 billion pay package. The decision showcases investor trust in Musk’s visionary leadership and Tesla’s ambition to redefine the future of electric vehicles, AI, and robotics.

This approval stands as one of the largest compensation votes in corporate history. It highlights the strong faith investors have in Tesla’s ability to continue leading global innovation. Musk’s bold strategies, commitment to technology, and futuristic projects have become symbols of progress and resilience in the electric vehicle market.

The company received overwhelming support, with over 75 percent of shareholders voting in favor. The package aligns Musk’s rewards with Tesla’s future success, ensuring that his compensation is tied directly to the company’s growth and value creation. This structure reinforces Tesla’s dedication to innovation, sustainability, and performance.

Investors celebrated the decision as a reflection of Tesla’s growing influence in clean energy, advanced automation, and artificial intelligence. The move signals confidence that Musk will guide Tesla into the next generation of smart technology and self-driving innovations.

Tesla’s evolution from an electric car company to a global technology leader has been driven by Musk’s relentless pursuit of progress. His vision extends far beyond vehicles—embracing robotics, energy storage, and intelligent systems that could revolutionize industries worldwide.

Industry experts believe this milestone reflects the strength of Tesla’s global community of investors and supporters. Despite opposition from certain advisory firms, the decisive approval sends a strong message: the market believes in Musk’s long-term strategy.

Tesla’s focus on AI and robotics is set to redefine how the world views mobility and automation. The company’s plans for robotaxis and humanoid robots are no longer distant dreams—they are active projects designed to bring innovation to everyday life.

The new compensation plan also aligns with Musk’s philosophy of earning through performance. He gains benefits only if Tesla achieves specific targets, creating a direct link between leadership results and shareholder value. This design fosters accountability while motivating continued excellence.

Under Musk’s leadership, Tesla has expanded its global footprint, from Gigafactories in multiple countries to pioneering advancements in battery technology. The company continues to dominate the electric vehicle market, inspire competitors, and drive the global shift toward clean energy solutions.

The approval of this package also brings stability to Tesla’s leadership at a crucial time. It reduces speculation about Musk’s focus on his other ventures, assuring investors that his attention remains firmly on Tesla’s growth and innovation goals.

As Tesla transitions into its next chapter, the company’s momentum shows no signs of slowing down. Its dedication to sustainable transport, AI-driven efficiency, and energy independence positions it as a leader in shaping the future economy.

This historic decision underlines how Musk’s vision and determination continue to inspire millions across the globe. From renewable energy breakthroughs to autonomous driving innovations, Tesla’s journey reflects a commitment to redefining what’s possible.

The message from investors is clear—Tesla’s best days are still ahead. With strong leadership, an ambitious mission, and unwavering support, the company is set to accelerate into a new era of success and global influence.

Tesla teases a new event, hinting at a more affordable EV model that could electrify U.S. sales, sending premarket shares 2% higher and igniting anticipation across the automotive world

Tesla has once again captured the spotlight, teasing an upcoming October 7 event that has investors and EV enthusiasts buzzing. The teaser, a brief nine-second video shared on social media platform X, shows a vehicle with headlights glowing in a dark setting, creating an aura of anticipation around what could be the company’s next big move

. The video ends with the date “10/7,” hinting at a live reveal that could redefine the future of Tesla’s lineup. Following the announcement, Tesla shares jumped 2% in premarket trading, reflecting growing market optimism.

The upcoming event is expected to focus on Tesla’s push toward more affordable electric vehicles, a move that aligns with the company’s mission to accelerate the world’s transition to sustainable energy.

While Tesla has dominated the EV market with premium offerings like the Model S and Model X, the focus is now shifting toward broadening accessibility for everyday consumers, particularly in the U.S., where demand for electric vehicles continues to surge.

Tesla has previously indicated that a lower-cost version of the Model Y is in the pipeline. The company disclosed in June that “first builds” of this vehicle were completed, with plans to start sales in the fourth quarter and gradually ramp up production.

Sources suggest the streamlined Model Y could be roughly 20% cheaper to produce than the refreshed standard model, potentially scaling to 250,000 units annually in the United States by 2026. This move could make EV ownership more attainable for a wider range of buyers while keeping Tesla at the forefront of innovation.

The timing of the teaser follows Tesla’s record quarterly deliveries for the three months ended September. The surge in sales was largely driven by a rush to take advantage of the $7,500 U.S. EV tax credit, which expired on September 30.

Despite the anticipated dip in deliveries without the incentive, analysts remain optimistic about Tesla’s ability to maintain momentum, particularly with the new, more accessible model expected to stimulate demand in 2026. Wall Street currently projects Tesla’s deliveries could reach 1.85 million vehicles next year, with the affordable Model Y contributing approximately 155,610 units to the total.

Tesla’s approach combines both excitement and strategy. While its premium models remain popular, the company recognizes the need to evolve its lineup to meet changing market conditions. The shift toward affordability reflects an understanding of consumer trends and positions Tesla to capture a larger share of the growing EV market.

Analysts have praised the company for balancing innovation with accessibility, noting that an expanded, cost-effective lineup could solidify Tesla’s long-term leadership in electric mobility.

Despite its success, Tesla faces challenges from an aging model lineup. The company has not introduced a major new mass-market vehicle in years, relying heavily on incremental updates to the Model 3 and Model Y to sustain growth. The last major launch, the Cybertruck, experienced slower-than-expected sales, prompting Tesla to offer discounts to clear inventory.

However, these short-term hurdles have not dampened investor confidence, with anticipation around the October 7 event underscoring Tesla’s enduring appeal and market influence.

The event is also expected to highlight Tesla’s commitment to cutting-edge technology. Observers anticipate that the new model will integrate advanced AI-driven features, improved battery efficiency, and enhanced connectivity.

By combining affordability with innovation, Tesla aims to make sustainable mobility accessible without compromising on performance, safety, or technology — key factors that have contributed to its global success.

In addition to boosting consumer interest, the upcoming model could positively impact Tesla’s manufacturing and supply chain operations. Scaling production of a lower-cost vehicle efficiently will require careful planning and strategic deployment of resources, offering the company an opportunity to refine processes and maximize output.

Tesla’s October 7 teaser reflects more than just a product reveal; it signals the company’s vision for the future of electric mobility. By prioritizing affordability, accessibility, and innovation, Tesla is poised to expand its reach, attract new buyers, and reinforce its position as a leader in the global EV market.

Enthusiasts and investors alike are eagerly awaiting the event, which promises to showcase not only a new vehicle but Tesla’s ongoing commitment to shaping a sustainable, electrified future.

As excitement builds, one thing is clear: Tesla continues to capture imagination, push technological boundaries, and set the pace for the electric vehicle revolution. The October 7 event may well be a turning point — making EV ownership more accessible, driving innovation, and inspiring confidence in Tesla’s enduring vision for a greener, more connected world.

It cited Musk as saying that many Turkish suppliers are already working with Tesla and that Turkey was among the most important candidates for its next factory.

Tesla did not immediately respond to requests for comment.

Erdogan and Musk were speaking during a meeting at Turkish House, a skyscraper near the United Nations in New York, Turkey’s state-owned Anadolu news agency reported.

Erdogan is in the U.S. to attend the 78th session of the U.N. General Assembly.

Erdogan also said during the meeting that Turkey was open to cooperation on artificial intelligence and Starlink, the satellite internet venture of Musk’s SpaceX, the communications directorate said.

It cited Musk as saying SpaceX wished to work with Turkish authorities to obtain the necessary licence to offer Starlink satellite services in Turkey.

It also said Erdogan invited Musk to attend Turkish aerospace and technology festival Teknofest in Izmir at the end of September and cited Musk as saying he would gladly attend.

Musk is also set to meet Israeli Prime Minister Benjamin Netanyahu in California on Monday. Musk posted on social media platform X that their talks would focus on artificial intelligence technology.

Tesla in August expressed an interest in building a factory in India that would produce a low-cost electric vehicle.

Tesla currently has six factories and is building a seventh in Mexico in northern Nuevo Leon state, part of the automaker’s push to expand its global footprint.

Musk said in May that Tesla would probably pick a location for a new factory by the end of this year.

Tesla shares are up 123% so far this year and the automaker on Saturday said it had produced its 5 millionth car.

In addition to running Tesla, Musk also bought X, formerly known as Twitter, for $44 billion in 2022.

While describing himself as a free speech absolutist, Musk has complied with some demands by the Turkish government to censor content in the country. In other cases, the social media company has objected to orders by the Turkish courts.

Piyush Goyal’s comments come as U.S. EV maker Tesla (TSLA.O) continues talks with Narendra Modi’s administration on the possibility of building a factory in India.

Reuters last month reported that India was working on EV policy that would cut import taxes for automakers that committed to some local manufacturing, citing sources with direct knowledge of the matter.

Asked about the government’s plans, Goyal said consultation on the new policy will be held with the industry.

“We will come out with a policy,” he said, adding that the government wants to attract more investment and increased domestic EV production as soon as possible.

“As we get large-scale production, we will start enjoying the fruits of economies of scale of new technologies,” Goyal said without disclosing the nature of any possible incentives.

Tesla’s senior executives with an interest in building a factory in India met Goyal in August.

Tesla plans to produce a low-cost EV priced at $24,000 – about 25% cheaper than its existing entry-level model – for both the Indian market and export.

Goyal said on Tuesday that Tesla aims to source components worth between $1.7 billion and $1.9 billion from India this year, having bought $1 billion of components last year.

The policy being considered could allow automakers to import fully-built EVs into India at a reduced tax as low as 15%, compared to the current 100% that applies to cars which cost above $40,000 and 70% for the rest, said two of the sources, including a senior Indian government official.

Tesla’s best-selling Model Y, for example, starts at $47,740 in the U.S. before tax credits.

“There is an understanding with Tesla’s proposal and government is showing interest,” said the official, who is familiar with the issue.

India’s commerce ministry, which is working on the plan, and Tesla, did not respond to requests for comment.

Asked about the move, Finance Minister Nirmala Sitharaman told reporters “there is no proposal in front of me” to reduce import duties on electric vehicles.

If such a policy is adopted, it could amount to a drastic reduction in the cost of imported EVs that local carmakers have been keen to avoid. It could also open the door for global automakers, beyond Tesla, to tap the world’s third-largest car market where sales of EVs are less than 2% of total car sales, but growing rapidly.

The lower import taxes could help Tesla sell its full range of models in India, and not just the new car it wants to make locally, said a third source.

Shares of Tata Motors (TAMO.NS), India’s largest electric car manufacturer, fell nearly 3% on the Reuters report, while rival Mahindra and Mahindra (MAHM.NS) dropped over 2%, dragging the benchmark auto index to an intra-day low with losses of 1.1%.

New Delhi is going to move slowly in considering the policy proposal as any lowering of taxes on imported EVs could disrupt the market and upset local players like Tata and Mahindra that are investing to build electric cars at home, the Indian official said.

“This is going to go through a lot of deliberations even though government is keen on getting Tesla. That’s because of the impact on domestic players,” said the official.

The policy is still in the initial stages of deliberation and the final tax rate could change, two of the sources said.

Tesla’s New EV

Other countries have taken similar measures to spur EV manufacturing commitments. Indonesia, for example, has offered to reduce import duties from 50% to zero for EV makers planning investments, a move seen aimed at attracting Chinese players and Tesla.

Tesla first tried to enter India in 2021 by pushing officials to lower the 100% import tax for EVs. Last year, the talks between Tesla and the Indian government collapsed when officials conveyed the company would have to first commit to local manufacturing.

More recently, Tesla has told Indian officials it is keen to set up a local factory and make a new EV priced around $24,000, roughly 25% cheaper than its current entry model, for both the Indian market and export.

Tesla’s senior public policy and business development executive Rohan Patel has in recent weeks met top officials privately. Prime Minister Narendra Modi, who held talks with CEO Elon Musk in June, has been tracking progress closely, Reuters has reported.

Indian officials conveyed there will be no special incentives for Tesla’s market entry, and the proposal for a low import tax, conditional on a manufacturing commitment, was touted by Tesla to keep both sides happy, the sources said.

One of the sources said Tesla told Indian officials a potential India factory could operate at full capacity by 2030.

Outside the United States, Tesla currently has a plant in Shanghai – its largest factory worldwide – and one outside Berlin. It is building a new plant in Mexico that will focus on a new mass-market EV platform Musk has said will slash costs for consumers.

Tesla (TSLA.O) has had a red-carpet welcome from India for its proposal to invest in the country, while its largest rival in electric vehicles, China’s BYD (002594.SZ), has been stopped cold by increased scrutiny from New Delhi.

The result could be an opening for Tesla to negotiate terms for an entry to the world’s third-largest auto market without the competitive threat from BYD that it faces in other emerging markets, like Thailand.

“The future of who wins in India will have some bearing on who wins globally in the EV race,” said Jasmeet Khurana of the World Economic Forum.

Since a meeting between Musk and Indian Prime Minister Narendra Modi in June in New York, Tesla has fast-tracked closed-door discussions with Indian officials on a potential plant investment and plans to build a new low-cost $24,000 EV.

Those talks continued over the past week with Tesla discussing minute details of its plans to gain access to India’s fast-growing EV market, and Modi personally tracking developments, sources say.

Those meetings, though, have been strictly kept under wraps, with officials putting out no photos on social media of handshakes with executives which otherwise is a usual affair after high-profile meetings.

BYD, meanwhile, appears to be taking a backseat. Months after seeking clearance for its own $1 billion investment in India, BYD is no longer keen to pursue the approval, Reuters reported. In a further setback, BYD is facing an investigation over allegations that it underpaid import tax in India.

Among other concerns, Indian officials are worried about the national security implications of Chinese-made vehicles and the data they could collect. India is “uncomfortable with Chinese automakers,” an official said.

While all investments from China have faced tightened approval requirements in India since a border clash between the two in 2020, there could be an outsized effect on the developing market for EVs in India because of China’s dominance in battery materials, battery production and other technology.

Tesla, too, has Chinese suppliers that have helped it slash production costs at its Shanghai factory and it now wants to bring them to India – where it appears to have an upper hand in talks with New Delhi.

India has told Tesla it will allow its Chinese suppliers into the country if they forge partnerships with local firms, just like Apple did. But at the same time, India is hesitant on BYD’s $1-billion plan even though that too was proposed as a partnership with a domestic engineering firm.

The Global Times, a Chinese state-run newspaper, said the reported pushback on BYD’s investment plan “will lead to a chain reaction and deal a blow to the overall confidence of Chinese companies in investing India.”

BYD has not commented on its $1 billion India plan while Musk, after meeting Modi, said Tesla plans to make significant investments in the country.

India’s Growing EV Market

Tesla wants to sell 20 million cars globally by 2030, up from 1.31 million in 2022, but faces hurdles to expanding its Shanghai factory.

BYD was the world’s biggest seller of EVs and plug-in hybrids in 2022 with a total of 1.86 million units – the vast majority in China. It trails Tesla in terms of sales of fully electric cars.

“Tesla sees competition mainly with BYD, and both are expanding globally at great speed,” said Gaurav Vangaal of S&P Global Mobility.

“If they want volumes, they have to come to India,” he said, adding that with the government incentivising companies to build EVs locally, India can also serve as an export base.

Annual production of light electric vehicles in India is expected to rise to 1.4 million by 2030, close to 19% of total forecast production of 7.25 million, according to estimates by S&P Global Mobility. It was less than 50,000 in 2022.

India’s nascent EV market is dominated by local player Tata Motors (TAMO.NS), whose best-selling Nexon EV sells for as high as $19,000 while Chinese carmaker MG Motor’s ZS EV starts at $28,000 while BYD’s Atto 3 retails at around $41,000 in India.

Toyota Motor (7203.T), Hyundai Motor (005380.KS) and Kia (000270.KS) all sell mid-sized gasoline SUVs priced at around $24,000, Tesla’s identified entry point.

Tesla does not currently sell vehicles in India.

“Tesla has become a desirable product in name alone,” said Sam Fiorani of AutoForecast Solutions. “Add to that an affordable product tailored for the Indian market and it has the potential to be a hit locally.”

The U.S. carmaker has expressed an interest in building a factory in India that would produce a low-cost electric vehicle (EV) priced at $24,000, around 25% cheaper than Tesla’s current entry model, for both the Indian market and export.

The U.S.-based executives – senior public policy and business development executive Rohan Patel, and a vice president for supply chain, Roshan Thomas – are currently in New Delhi and met officials from the Invest India agency, the two sources said, declining to be identified as the discussions were private.

Invest India CEO Nivruti Rai, a former Intel executive, held talks with the Tesla executives during a meeting on Thursday, they added.

Tesla and Invest India did not immediately respond to requests for comment.

Most Tesla meetings with Indian officials have been kept under wraps. Reuters reported this week that Tesla representatives will also meet commerce minister Piyush Goyal, with discussions expected to centre on setting up an EV supply chain and land allotment for a factory.

Many Indian states are keen to woo Tesla to set up its plant in their region, but the carmaker is currently focussed on discussing its proposal with the federal government in New Delhi, said one of the sources.

The discussions represent a sharp reversal for the company after efforts last year to reduce import taxes on EVs shipped to India were scuppered by calls from government officials to commit to making cars locally.

Tesla has expressed an interest in building a factory in India that would produce low-cost electric vehicles (EVs) for the local market and for export, the person said, adding that the company had indicated that it would be for the new vehicle.

The discussions represent a sharp reversal for the company after efforts last year to reduce import taxes on EVs shipped to India were scuppered by calls from government officials to commit to making cars locally.

The meeting with the commerce minister would be the highest level discussions between Tesla and the Indian government since June when Elon Musk met India’s Prime Minister Narendra Modi and said he intended to make a significant investment in the country.

The 2 million rupee ($24,000) EV Tesla representatives were said to have described in discussions about a potential Indian plant would be 25% cheaper than its current lowest priced offering, the Model 3 sedan which sells for the equivalent of just over $32,200 in China.

The $24,000 target price for the new Tesla vehicle was reported earlier this month by The Times of India newspaper.

Tesla did not immediately respond to a request for comment.

Electric vehicles currently account for less than 2% of total vehicle sales in India, now the world’s third largest auto market.

Reuters reported in May that Tesla executives visited India and held talks with officials on establishing a manufacturing base for cars and batteries in India.

Discussions with Indian government officials in New Delhi are scheduled to resume this month, two people with knowledge of the talks, who asked not to be named because the discussions remain private, told Reuters.

As part of that, Tesla representatives are set to meet Indian commerce minister Piyush Goyal, the first person said, and discussions are expected to centre around setting up an EV supply chain and discussing land allotment for a factory.

The commerce ministry did not respond to a request for comment.

Tesla has aggressively discounted its existing models since the start of the year while Musk has repeatedly said its long-term success will hinge on bringing down the cost of EVs sharply.

Tesla has said its next-generation vehicle platform will slash production costs by 50% and that multiple models – including an automated “robotaxi” – could be built from it, without detailing what those future models will be or their pricing.

A Tesla plant under construction in Mexico will produce vehicles on that lower-cost, high-volume platform, which the company has said it said it will take to other factories as well.

Tesla currently produces EVs in California and Texas. Outside North America, it has plants in Berlin and Shanghai.

The Shanghai plant is Tesla’s largest, accounting for almost 40% of the automaker’s global capacity. Plans to add additional capacity there are pending regulatory approval.

Meanwhile, China’s yuan shot up after authorities tweaked cross-border financing rules and major state-owned banks were seen selling dollars in moves analysts said were designed to shore up the currency.

MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.53% higher, on course to snap its three day losing streak. Japan’s Nikkei (.N225) slid 0.93%.

China stocks have been under pressure in recent weeks as soft economic data weighed on sentiment, with investors waiting for meaningful stimulus to jump start the country’s stuttering post-pandemic recovery.

On Thursday, the Shanghai Composite Index (.SSEC) was 0.1% higher, while Hong Kong’s Hang Seng Index (.HSI) gained 0.3%.

China on Wednesday pledged to make the private economy “bigger, better and stronger” with a series of policy measures designed to help private business.

Britain’s high rate of inflation fell more than expected in June to its slowest in over a year at 7.9%, data showed on Wednesday, with markets dialling back expectations of further aggressive rate hikes from the Bank of England.

Sterling last fetched $1.2959, up 0.17% on the day, having tumbled 0.7% overnight.

The Bank of England is due to meet in the first week of August but before that central bank meetings in Japan, Europe and the United States will likely grab investors’ attention.

Traders and analysts expect the European Central Bank to raise its benchmark rate by 25 basis points but what comes after that has been up for debate in the wake of recent dovish tone taken by the central bank’s policymakers.

The Bank of Japan Governor Kazuo Ueda said this week that there was still some distance to sustainably and stably achieving the central bank’s 2% inflation target, dousing speculation of a hawkish policy shift next week.

Markets seem a lot more certain of the Federal Reserve’s next steps, with traders expecting a 25 basis point hike but no more after that.

“As investors grow more confident that peak inflation is definitively behind us, so do expectations that the U.S. Federal Reserve’s current rate hiking cycle will finally be over” after next week’s meeting, said Nuveen’s Chief Investment Officer Saira Malik.

“Running bulls could be tripped up by cracks in the economy and corporate earnings,” Malik cautioned.

Overnight, the Dow Jones Industrial Average and S&P 500 index rose modestly, with the blue-chip Dow registering its eighth straight day of gains.

But futures fell in Asian trade, with E-mini futures for the S&P 500 0.15% lower and Nasdaq futures down 0.44%after earnings from streaming giant Netflix and EV maker Tesla.

Netflix (NFLX.O) disappointed Wall Street on Wednesday with second-quarter revenue that fell short of analyst estimates, while Tesla (TSLA.O) reported quarterly automotive gross margin in line with Wall Street estimates, though it was a far cry from a year earlier.

Tesla CEO Elon Musk signalled that he would cut prices again on electric vehicles even as his all-out price war on automaker rivals squeezes the company’s own margins.

Investors will watch out for earnings results from Taiwanese chipmaker TSMC (2330.TW) later in the day.

In the currency market, the onshore yuan jumped after the central bank relaxed a cross-border financing rule, making it easier for domestic firms to raise funds from overseas markets and easing depreciation pressure on the yuan currency.

The Australian dollar rose 0.86% to $0.683 after strong domestic jobs data.

The Japanese yen strengthened 0.32% to 139.23 per dollar, while the dollar index , which measures U.S. currency against six rivals, eased 0.209%.

In commodities, Chicago wheat futures rose 1.4% to hit a three-week high on growing expectations that an attack on Ukrainian ports after Russia’s withdrawal from a Black Sea export deal would have a longer-term impact on global supply.

U.S. crude fell 0.11% to $75.27 per barrel and Brent was at $79.62, up 0.2% on the day.

Last month, Tesla CEO Elon Musk said Indian Prime Minister Narendra Modi was pushing the car maker to make a “significant investment” in the country, adding that such an announcement was expected soon.

In the past, talks between the U.S. carmaker and the Indian government have involved seeking customs duty waivers for importing its electric vehicles, which was rejected by India.

“Any duty waiver for Tesla is not under active consideration of the Department of Revenue, as of now,” Malhotra said on Thursday.