Tesla Inc. is set to hold another shareholder vote on its compensation plan for Elon Musk following the nullification of the $56 billion award previously slated for the CEO by a Delaware court in 2018.
In its proxy filing released on Wednesday, Tesla also announced plans to hold a vote on relocating the company’s state of incorporation from Delaware to Texas. The electric car manufacturer has scheduled its annual meeting for June 13th, Bloomberg reported.
More details are awaited on this latest development.
Also Read: Tesla To Lay Off More Than 10% Of Its Staff: Report
Elon Musk In India
Meanwhile, Tesla chief Elon Musk is set to announce an investment in India of $2-$3 billion, mainly for building a new factory, when he visits New Delhi next week to meet Prime Minister Narendra Modi, sources familiar with the discussions told news agency Reuters.
Musk will meet Modi on Monday during his India trip, when the billionaire is expected to unveil his plans to enter the world’s third-largest auto market where electric car adoption is still in its infancy.
India’s EV market is small but growing and dominated by local carmaker Tata Motors. EVs made up just 2% of total car sales in 2023, but the government is targeting 30% of new cars to be EVs starting 2030.
Musk’s visit comes as Tesla battles slowing sales in the major markets of the United States and China, and has this week announced layoffs affecting 10% of its workforce.
Details of Musk’s India visit are closely-guarded, with the CEO only publicly confirming on his social media platform X that he will meet Modi in India.
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