Tesla has approved Elon Musk’s $29 billion salary package
Tesla’s board gave CEO Elon Musk a new $29 billion compensation package, giving 96 million shares worth more than $300 each.
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Tesla Tsla.o CEO Elon Musk said the company’s new six-seat Model Y variant, launched in China this week, may not enter production in the US, citing the rise of self-driving cars.
Built at Tesla’s Shanghai factory, the Model YL features a longer wheelbase and three rows of seats, priced at around $47,200. It was sold in China on Tuesday, and Tesla faces competition with domestic EV manufacturers such as the BYD 002594.SZ and Xiaomi 1810.HK.
“This variant of Model Y will not begin production in the US until the end of next year,” Musk said in a response to a post from X users. “It may never be the case given the emergence of self-driving in the US.”
Musk did not elaborate on how the rise of autonomous driving would deny the need for six-seater vehicles. Tesla did not immediately respond to requests for comment.
The three-row gas-powered SUV has long been popular among American families.
However, creating profitable three-row EVs remains a difficult business for automakers. The recent policy changes by the Trump administration have also been set up to make electric vehicles more expensive, urging carmakers to focus more on smaller, cheaper variants.
Tesla is also preparing to launch a cheaper Model Y variant later this year, with fewer premium features.
Tesla is increasingly shifting its US focus to Robotakshi’s ambitions. The company launched its limited Robotaxi service in Austin in June, aiming to expand its operations to half the US population by the end of this year.
Musk told investors last year that building traditional vehicles would be “meaningless” in the future of autonomous driving. Next year, Tesla is set to begin production of the Cybercab, a dedicated two-seater Robotaxi model without a steering wheel and pedals.
Reports with Bengaluru thriller in Bengaluru and Roy in San Francis. Edited by Anil D’Silva
