Elon Musk's Tesla payday, Toyota's China problem, and Hyundai's child labor problem: Autos news roundup
Tesla is going all-in on convincing investors to back CEO Elon Musk’s compensation package, which was most recently valued at about $46 billion.
In addition to a blitz behind the scenes, Tesla is pushing back against criticism from investor groups, digging into retail politics, and offering incentives like factory tours to drive up engagement. Plus, the company is reportedly set to register its “Full Self-Driving” (FSD) technology in China.
But Tesla isn’t the only electric vehicle company in town.
Stellantis CEO Carlos Tavares this week announced plans to sell a $25,000 fully-electric Jeep in the United States “very soon.” And Japanese automakers are making their own advancements in cleaner technology as sales slump — Toyota Motor Co., Subaru Co., and Mazda Motor Co. are all working on new, smaller engines that run on carbon-neutral fuels.
Meanwhile, Faraday Future Intelligence Electric is having a rough year as investors declare it a “meme stock” and scramble its value. Hyundai Motor Co. on Thursday was sued by the U.S. Department of Labor, which has accused it of benefiting from “oppressive child labor” in Alabama.
And Carfax is warning consumers that more than 6 million vehicles in the U.S. are equipped with dangerous Takata airbags, which may burst and shoot out shrapnel. Here’s what else is going on in the auto world this week.
Toyota’s sales are falling as a price war rages in China
Japanese automakers, including the world’s largest carmaker by sales, are still struggling to contend in the competitive Chinese market.
A $25,000 Jeep EV is coming to the U.S. ‘very soon,’ Stellantis boss says
Stellantis plans to sell a $25,000, fully-electric Jeep in the United States “very soon” to boost sales, according to CEO Carlos Tavares.
Hyundai benefited from ‘oppressive’ child labor in Alabama facilities, lawsuit says
Hyundai Motor Co. is facing renewed accusations that it benefited from illegal child labor in Alabama, where it operates a manufacturing plant.
Elon Musk’s $46 billion payday will be decided by Tesla investors. Here’s what to know
In just a few weeks, Tesla shareholders will be able to decide the future of the world’s largest electric vehicle company.
An EV meme stock is tanking on abysmal earnings
The electric vehicle industry’s one and only “meme stock” was down in the dumps Wednesday, as Faraday Future Intelligent Electric faces a bumpy road through 2024.
Toyota and other Japanese car companies will make engines that run on carbon-neutral fuel
A trio of Japanese automakers is leading the effort to develop new engines that run on carbon-neutral fuels in the latest push from the world’s second-largest car exporter.
Carfax says 6.4 million vehicles still have deadly Takata airbags
More than a decade after a global airbag scandal led to the downfall of manufacturer Takata, Carfax reports that 6.4 million vehicles in the U.S. still have the defective airbags installed despite widespread recalls. —Melvin Backman
Tesla is getting ready to launch its Full Self-Driving software in China
Barely one month after Elon Musk visited Beijing to meet with officials about deploying Tesla’s “Full Self-Driving” (FSD) technology in China, the company is reportedly set to register its software with local authorities.
‘Shame on them’: Tesla and Elon Musk are pushing back against groups opposing the CEO’s $46 billion pay
As Tesla’s annual shareholders meeting approaches, the company is ramping up its pushback against groups asking investors to vote against Elon Musk’s $46 billion compensation package.
Tesla is offering shareholders factory tours with Elon Musk as it pushes to approve his big pay plan
As the deadline approaches for Tesla investors to vote for or against Elon Musk’s $46 billion pay package, the electric vehicle maker is pulling out all the stops to increase engagement.