Tesla's old Model Y won't be refreshed anytime soon: Elon Musk

Good morning! It’s Tuesday, June 11, 2024 and this is it Morning change, a daily roundup of the biggest automotive headlines from around the world in one place. Here are the vital stories you need to know.

1st Gear: The refreshed Tesla Model Y will not appear this year

There are no plans for a refreshed Tesla Model Y for the carmaker in 2024, according to CEO Elon Musk. This could be seen as a bit of a hassle for the people who wanted it for Model Y with all updates perceptible in refreshed Model 3such as ambient lighting, ventilated seats and blind spot monitor. But, unfortunately, this should not be the case. At least it won’t happen in 2024. Currently a very venerable Model Y accordingly, it will continue to operate in its current form Automotive news: :

“There will be no ‘refreshed’ Model Y this year,” Musk wrote on social media platform X on June 8, responding to a Tesla fan. “I should note that Tesla is constantly improving its cars, so even a car that’s six months newer will be a little better.”

In January, Tesla launched a refreshed version of the Model 3 sedan in the U.S., following its launch in 2010 Europe and China last year. Improvements include ambient lighting, ventilated seats and a classic blind-spot monitor near the side mirrors. The Model Y refresh is expected to mirror updates to the Model 3.

There are constant rumors on social media sites like Reddit about a possible Model Y refresh in China. Last year, Reuters reported that an updated Model Y would debut this year.

It seems like a lot of people aren’t ecstatic about this news Musk. Since then, it hasn’t been particularly shocking the current Model Y has been in production for almost 4 years. It’s an eternity without refreshment.

In response to Musk’s June 8 post, some Tesla owners said they were waiting for updates before purchasing the Model Y, which now has fewer interior comfort features than the cheaper Model 3. The sedan also has novel front and rear dashboards and a more mature look compared with the previous model.

“The Model Y refresh is what my family and I are waiting for,” wrote user X, Waze4Tesla, in response to Musk. “Basically a recent refresh of the Model 3, but in the Model Y. That’s the only reason we didn’t take advantage of the financing promotion last month,” the user said, referring to the Model Y promotion that ended in May.

This aging lineup is even painful Tesla on Wall Street.

Wall Street analysts cite Tesla’s aging vehicle lineup, with the exception of the Cybertruck launched last year, as a key reason for the automaker’s global refrigerator sales growth.

Even with the recent Model 3 refresh, the sedan’s physical appearance hasn’t changed much since it went on sale in 2017. The Model Y hasn’t been refreshed since it launched in 2020. The more high-priced Model S and Model X haven’t seen a refresh either. have undergone physical changes since launch in 2012 and 2015, respectively.

This is reported by Car News that Tesla is to introduce refreshed ones Model Y in January 2025 at its factories in the USA, China and Germany. We should also get more clarity on Tesla’s product roadmap Musk’s “robotaxi” event on August 8.

Despite all this, The Model Y is still selling really well. It is Tesla’s best-selling vehicle and the fifth best-selling vehicle in the U.S. in 2023.

Second run: UAW monitor investigating Shawn Fain

Independent United Auto Workers Union the monitor is investigating union president Shawn Fain actions, as well as those of Secretary-Treasurer Margaret Mock following the shake-up in union leadership that has occurred over the past few months. Additionally, the researcher launches a separate probe into the unnamed case International Executive Board member for alleged embezzlement. WITH Detroit Free Press: :

The information is included in the monitor’s latest report, which was filed Monday in U.S. District Court in Detroit. The 36-page report, the result of a consent decree issued after a corruption scandal that sent former union leaders and auto executives to prison, paints a picture of a union that has been uncooperative and sluggish to produce required documents. The monitor’s office says it may be necessary to ask the court to intervene if the situation does not change.

The union, according to the report, assures that it can withhold some documents due to their privileged nature, which the monitoring office disputes.

The cases involving Fain and Mock followed the union’s decision in February to reassign nine departments Mock supervised following criticism that she had engaged in misconduct by failing to meet a series of financial demands from Fain’s office and various other leaders. Mock, who has denied guilt, said the action against her “was inappropriately initiated in retaliation for her refusal or unwillingness to consent to certain monetary expenditures at the request of and/or for the benefit of persons in the president’s office,” according to the Ombudsman . report.

Fain is also under investigation after he stripped UAW Vice President Wealthy Boyer of oversight of the union’s Stellantis Department in May. The report said Fain issued a memo “alleging that this action was taken due to the vice president’s ‘dereliction of duty’ in connection with certain collective bargaining matters.”

But here’s the problem. The report says Boyer and others later confirmed this All right deleted Stellar assignment in retaliation against him for “among other things, refusing to engage in financial misconduct for the benefit of others.”

In a statement provided to the Free Press, Fain said that “taking a novel direction in our union means we have to waver at times, which upsets some people who want to maintain the status quo, but our members expect and deserve better.” than the current way of operating. We encourage the monitor to investigate any claims brought to its office because we know what they will find: UAW leadership committed to serving members and operating a democratic union. We are focused on winning record deals, growing our union, and fighting for economic and social justice on and off the job.”

It will be intriguing to see how this all plays out for one of, if not THE most famed union bosses in the US

Third gear: Elon Musk wants retail investors to support $56 billion pay package

Elon Musk he wants the money he thinks he is owed — the entire $56 billion. From Tesla’s main shareholders are divided whether to back him or not, he and his company are turning to smaller retail investors for support. They constitute an extremely high percentage Tesla shareholder base.

This might end a winning strategy for Musk because miniature investors tend to favor management (especially in this case) but rarely vote. So if Musk manages to convince them to vote in his favor, those billions will be his. WITH Reuters: :

The company’s annual meeting on June 13 is becoming a referendum on Musk’s leadership after a court in Delaware overturned a hefty pay package. The company has asked for a vote from investors to confirm it, and Musk will control more than 20% of the company if he receives it. A “no” vote would be a reprimand with unknown consequences.

Tesla is also proposing to re-register in Texas instead of Delaware and re-elect two directors, including Musk’s brother, Kimbal.

While more than a dozen items are on the ballot, Tesla is focusing on the pay vote and the move to Texas as part of an ongoing information campaign for miniature shareholders that includes a website, collaborations with online influencers and factory tours for several of those who will vote .

Vast investors sent mixed signals. T. Rowe Price said the package was “strongly aligned” with investor interests. Meanwhile, the California Public Employees Retirement System said it would likely oppose Musk’s pay as disproportionate to Tesla’s performance, and a Norwegian wealth fund opposed the pay package on Saturday.

While miniature investors have different opinions, corporate campaign experts say the size and CEO-friendly nature of many retail investors in Tesla make them obvious targets.

“This man ended up increasing my investment 10x and gave me nothing? It doesn’t seem right or fair,” Andrew Theyken told Bench, an Allentown, Pennsylvania-based attorney with fewer than 5,000 Tesla shares who voted by proxy with the board on all meeting matters, including Musk’s pay.

In a post on Muska X’s social media platform: the CEO said, “So far, about 90% of the retail shareholders who voted voted in favor of both resolutions,” and this appears to include his compensation package. Apparently 90 percent is almost a normal amount of support from retail investors.

To listen, if people who don’t want to give Musk $56 billion, maybe they could give this to me instead. It’s just an idea. I’ll make much better utilize of it than that weirdo.

4th gear: GM approves $6 billion stock buyback

General Motors is apparently I feel like myself nowthat’s why the carmaker announced it novel $6 billion share buyback plan. The move comes just a month after GM raised its own dividend on an upbeat annual outlook due to solid pricing and demand for gas-powered vehicles. WITH Reuters: :

In November, the company planned a $10 billion stock buyback right after reaching a costly novel labor agreement with the United Auto Workers union.

GM completed its first tranche in the first quarter and is on track to reduce its outstanding shares to below 1 billion. Its market capitalization was $54 billion as of the last close, according to LSEG data.

In April, GM raised its dividend 33% to 12 cents per share. Its shares increased by 1% in pre-market trading.

Bravo to GM. It’s refreshing to see the little boy doing well for a change.