Welcome to Electrified! I’m your host, Dylan Lumis, and today we have another anecdote about the Eevee slowdown in Germany. Great Wall Motors has decided to close its headquarters in Munich, Germany due to disappointing EV sales in the region. Instead, they will now serve European markets like Germany, the UK, and Ireland from China. Only 183 BYD models were sold in Germany in April, showing the ripple effect of Germany ending its EV subsidies abruptly.
In other news, Tesla released a response letter to ISS, the institutional shareholder services firm making recommendations to Tesla investors. ISS recommended voting for Tesla’s redomestication to Texas, but there was confusion around Elon Musk’s compensation plan. Tesla clarified that under Delaware law, ratification must be all or nothing, and negotiating a different plan for Elon at this time would be costly and complicated.
There are many predictions about how this will impact Tesla’s financials going forward, but for now, it’s all speculation. Tesla’s focus remains on innovation and pushing forward with their technology, despite delays in the release of FSD version 12.4. Some users have reported bugs in the system, highlighting the challenges of developing autonomous driving technology.
Former Top Gear host Quenton Wilson has blamed misinformation for plummeting EV sales, emphasizing the need for greater myth-busting efforts. In the US, EV sales are concentrated in a few states, with many others lacking desirable options and distribution. Legacy automakers are facing challenges in predicting demand and producing EVs that meet consumer needs.
Tesla continues to lead in customer satisfaction, with the refreshed Model 3 in China receiving the lowest complaint rate among all sedans in the industry. Despite challenges, Tesla remains focused on providing the best customer experience and pushing the boundaries of electric vehicle technology.
In other news, Japanese automakers are embroiled in safety scandals, highlighting the importance of Tesla’s commitment to safety and quality. And as Tesla continues to expand globally, they are facing challenges with proxy voting and enforcing purchase agreements.
Overall, Tesla remains at the forefront of the EV industry, with a commitment to innovation, quality, and customer satisfaction. Stay tuned for more updates on Electrified!
