👨⚖️💰🤔 Elon Musk and Tesla's board are coughing up over $735M in stock and cash.
Wow, that's generous! Eh…not really. The payout settles a lawsuit from Detroit's Police and Fire Retirement System decrying "excessive" boardroom bonuses. All compensation from 2021-2023 is forfeited, even cash from sold stocks. One last approval is pending, but Tesla is already talking with compensation consultants.
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⚡️🏇🚐 Zeeba, a customer-focused fleet management company, is racing towards electrification with Ford's EVs and Pro AC Charging Stations. Intent on having half its fleet electrified by 2024, Zeeba plans to purchase 250 Ford E-Transit vans and F-150 Lightnings while installing charging stations across Southern California.
Zeeba is an excellent name for an app that lets you watch live streams of Zebras—missed opportunity.
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📈✍️🤑 Carvana shares are up by over 20% following a deal cutting its debt by $1.2B. The debt restructuring, which covers around $5.2B of senior, unsecured bonds, will notably decrease its yearly cash interest expense by over $430B. This could translate to more flexible financial operations and fuel growth in the coming year.
Tried to use Carvana's vending machine once, but my Chevy Avalanche got stuck on its weird little bed rails, and I had to buy a Snickers bar to knock it loose.
Giphy/Allison Ponthier
🇬🇧🔋🏭 India's Tata Group is set to construct a $5.2B EV battery "gigafactory" in the UK, bolstering domestic battery production for Jaguar Land Rover and creating up to 4K jobs. This move marks a significant step for the UK automotive industry in keeping pace with the green industry developments of the US and EU.
Neat for Jaguar Land Rover, I guess. Guess again! The factory is expected to produce enough to cover nearly half of the UK's overall battery production need by 2030, not just for Jaguar Land Rover.