Tesla offers Musk a $1 trillion stock-based compensation plan
Tesla’s board proposed a $1 trillion equity-based pay plan for Elon Musk, the biggest CEO in history, in the ongoing legal battle over past pay.
Tesla (TSLA.O) has begun selling cybertrucks in Qatar, the US electric car maker said in a post in X on Friday, following the launch of its operations in Saudi Arabia earlier this year.
The move underscores Tesla’s willingness to expand its international reach as it faces slower demand and strengthens competition in the US and China’s Chinese markets.
Tesla entered Saudi Arabia in April and unveiled the Cybertruck and Refresh Model Y at an event in Riyadh. The company said it will support local sales through online ordering, pop-up showrooms, supercharger stations and service centers.
The Saudi Arabian debut marked a symbolic settlement after a rift between Elon Musk and the Kingdom’s Sovereign Wealth Fund.
Tesla was launched in the United Arab Emirates in 2017 and first entered the Middle East in 2017. Qatar has now joined the United Arab Emirates and Saudi Arabia as part of its first wave of cyber truck sales outside of North America.
The company has not cut off regional sales of its CyberTruck models in its quarterly distribution reports. However, a recall in the US in March showed that 46,096 cybertooks were constructed from November 2023 to the beginning of this year.
Tesla also faces strong regional competition with Chinese automaker BYD.
The Elon Musk-led company posted record delivery in the third quarter driven by a rush of US buyers seeking to get a $7,500 tax credit before it expires on September 30th. However, analysts are hoping for a sharp slump in the fourth quarter as EV purchase incentives disappear.
Reported by Rhea Rose Abraham of Bengaluru. Edited by Mrigank Dhaniwala
