Tesla hits major battery-production milestone: This week in EVs
Investing.com — Here is your weekly Pro Recap of the past week's biggest headlines in the electric vehicle space: Tesla reaches a production milestone; OSHA violations plague GM plant; and VinFast buys a battery company.
As always, InvestingPro users got these headlines at lightning speed. Never miss another opportunity to secure an edge for your portfolio.
EV giant Tesla (NASDAQ: NASDAQ:TSLA) celebrated a significant production milestone Wednesday, announcing on X (formerly Twitter) the creation of its 20 millionth 4680 battery cell at its Texas Gigafactory.
In just four months, Tesla has effectively doubled its 4680 battery cell production, having previously disclosed reaching 10 million cells by the end of the summer. These high-performance cells, designed to enhance vehicle range, power, and durability, were unveiled during Tesla's Battery Day in 2020.
While some Model Y vehicles have utilized these cells, they might be reserved for the upcoming Cybertruck.
Meanwhile, Tesla is challenging a $230 million legal fee claim by shareholder lawyers related to a dispute over director compensation.
Tesla calls this an «unwarranted windfall» and has sought approval for a fee not exceeding $64M. CEO Elon Musk's separate $56 billion compensation was not part of this lawsuit.
In July 2020, the dispute was settled, with directors agreeing to reimburse Tesla $735M in a $919M deal. Shareholder lawyers are seeking 25% of this settlement, which Tesla argues is inflated and doesn't reflect the company's actual benefit from the deal, estimated at $295M.
The main discrepancy arises from stock options, valued at $458M, but Tesla clarified that these options couldn't be exercised, highlighting a more modest advantage of approximately $20M
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