EV news you need to know; Musk's compensation package gets nod. EU to rise China EV tariff (beware of retaliation on EU brands). Honda launches electric van.
EV news you need to know; Musk's compensation package gets nod, marking a huge win for Tesla. Expect its shares to rally. EU to rise China EV tariff - beware of retaliation on EU brands. Honda launches an electric van that can charge in 30 mins (do you care?).
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Firstly, in breaking news, Tesla $Tesla (TSLA.US)$ shareholders have officially re-approved Elon Musk's 2018 compensation package, and approved Tesla's reincorporation to Texas. Giddy up! The preliminary results are great news for Musk and for Tesla shareholders, which have largely been rallying support for both measures for weeks among large institutional investors and the company's army of retail shareholders.
Tesla's annual meeting is on June 13 at the company's HQ in Austin. Proposal 3 would make Texas the company's legal home, while Proposal 4 asks investors to re-ratify the same $56 billion compensation package Musk which was previously voided by a Delaware judge earlier this year.
So now what? Well you might expect Tesla's $Tesla (TSLA.US)$ stock to respond favorably to this news, to the upside. But its move up might not be as wild as the downside if shareholders rejected the deal.
Tesla shares are down almost 30% this year with the EV market continuing to get more crowded. While sceptism builds about the robotaxi. While market chatter picks up that Musk is distracted by X and SpaceX.
We all know Tesla is expected to show the robotaxi concept on August 8 and maybe an accompanying app. But do not hold your breath for revenue to be generated from that. It could take years.
Secondly in EV news, the EU is looking to follow the US and slap a higher tariff on Chinese EVs.
� It's a bit of a money grab by the EU. The tariff could be as much as 38.1%. That's on top of the existing tariff of 10%. The tariffs could come in as soon as July 4. Europe, is China's largest EV customer, accounting for around 40% of its total EV sales.
� Fears of Chinese retaliation. Shares of some of Europe's biggest carmakers which make a big portion of their sales in China, fell on the EU's news. Some like BMW $BAYER MOTOREN WERK (BMWYY.US)$ will also now incur duties on their EVs made in China and sold in Europe.
� Chinese Evs will still be super cheap and bought in the EU as their EVs will still be cheaper than locally produced brands like VW, BMW and Stellantis brands, let alone Tesla $Tesla (TSLA.US)$ . Read how Zeekr shares surged on the NYSE despite Biden annoucing 100% EV tariff, and read more on what you need to know about Zeekr.
� Chinese Evs will still be super cheap and bought in the EU as their EVs will still be cheaper than locally produced brands like VW, BMW and Stellantis brands, let alone Tesla $Tesla (TSLA.US)$ . Read how Zeekr shares surged on the NYSE despite Biden annoucing 100% EV tariff, and read more on what you need to know about Zeekr.
� This is less than a month after Washington announced plans to hike the duties on on Chinese EVs to 100% and Brussels said it would combat excessive subsidies with additional tariffs ranging from 17.4% for BYD $BYD COMPANY (01211.HK)$ to 38.1% for SAIC $SAIC Motor Corporation (600104.SH)$ on top of the standard 10% car duty.
Thirdly in EV news, Honda's long-awaited electric van, will be launching in October.
� Starting at US$15,550 (¥2.44 million).
� It has a 245 kilometers (152.24 mile) range, can be charged in 4.5 hours at a normal speed (6 kilowatts), or 30 minutes fast charging.
� There's only one problem. It looks like John Cunliffe's created Postman Pat van, as featured in the British children's TV show.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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151453268 witso : Yeah i dont think kitty would be seen dead in that, and the payload would only be used by a lazy kid on his paper run.