This week in EVs: Musk's AI Ultimatum | Pro Recap

investing.com:

Investing.com — Here is your weekly Pro Recap of the past week's biggest headlines in the electric vehicle space: Elon Musk seeks increased voting control; BYD looks to dominate Indonesian market; and Vinfast finds light in missed target.

Get news like this in real time by signing up for InvestingPro.

Tesla Inc (NASDAQ:TSLA) CEO Elon Musk made waves this week with announcements on social media platform X (formerly Twitter), revealing the CEO is “uncomfortable” with expanding Tesla's role in artificial intelligence and robotics without securing a minimum 25% voting control. Musk, currently holding 13% of Tesla's stock, expressed a desire for influence without absolute control. He hinted at openness to a dual-class share structure, but hurdles exist following Tesla's IPO.

Musk's recent divestment of billions in Tesla shares in 2022, aimed at financing his $44 billion Twitter acquisition, adds complexity to his pursuit of greater control. The CEO's vision extends beyond Tesla, as he hinted at developing products outside the company if he cannot secure the desired stake.

Also, response to a new U.S. government regulation, Tesla revised its electric vehicle driving-range estimates. Updates on Tesla's website indicate adjustments for various models, aligning with the government's push for accurate real-world performance representation. These changes range from minor adjustments to more substantial shifts, such as the Model S Plaid's estimated range dropping from 396 miles to 359 miles.

Tesla's China segment revealed this week, plans for a countrywide tour to showcase the Cybertruck pickup. While specific dates were not provided, Musk mentioned on the X platform that the company might send Cybertruck prototypes for display in