Tesla Global News #6

🔌Tesla has informed Bild that the extensive repairs needed for the power line, damaged during the arson attack on Giga Berlin, are leading to an extended halt in production. Giga Berlin's plant manager, André Thierig, estimates that the damages have now reached the three-digit million mark. Tesla is unable to manufacture and sell cars for another week, incurring ongoing costs. The company estimates its downtime expenses to be in the several hundred million euros range.

"This translates to significant economic losses for us, reaching into the high nine-figure range," stated Giga Berlin Plant Manager André Thierig.

Tesla Giga Berlin suspended production on March 5 following a suspected arson attack on a power substation near the factory. The Steinfurt power substation's disruption affected not only Giga Berlin but also neighboring districts, including critical infrastructure such as clinics and hospitals.

The Vulcan Group, identified as a left-wing extremist organization, claimed responsibility for the arson attack in a letter stating their aim to halt Giga Berlin's production. Brandenburg's Interior Minister, Michael Stübgen of the CDU party, is leading the investigation into the arson attack on Giga Berlin.

Police have confirmed the authenticity of the Vulcan Group's letter and also verified the group's specialisation in targeting energy infrastructure with their attacks.

The Biden-Harris Administration has announced a Request for Information (RFI) aimed at soliciting input on Federal standards for electric vehicle (EV) charging stations.

This RFI seeks feedback from various stakeholders regarding the update of the Federal Highway Administration’s (FHWA) minimum standards and requirements for EV charging stations, allowing for the incorporation of new technologies and ongoing innovation. The call for feedback has become crucial following the widespread adoption of the North American Charging Standard (NACS) or J3400 by most automakers. SAE International's recent decision also enables any supplier or manufacturer to utilize, produce, and deploy NACS connectors.

The RFI, launched by the FHWA, the Joint Office of Energy and Transportation, and the Department of Energy, focuses on several key areas, including:

- Anticipated market availability of J3400 within EVs and EV chargers

- Technical compatibility of J3400 with existing regulations

- Consideration of challenges and benefits associated with implementing J3400 at charging stations

- Market demands for the continued availability of Combined Charging System (CCS) and J1772 connectors

- Exploration of potential performance-based standards to reduce the need for future regulatory updates or changes as technology advances.

The primary objective of the RFI is to determine the types of connectors to be utilized at federally funded EV chargers. Currently, the FHWA permits alternative connectors for federally funded DC fast chargers as long as they incorporate a Combined Charging System (CCS) connector.

FHWA Administrator Shailen Bhatt emphasized the importance of aligning federal standards for EV charging with private sector innovation and meeting the evolving needs of EV drivers. Bhatt stated, "As EV charging technology continues to rapidly evolve, we want to ensure our federal standards for EV charging keep pace with private sector innovation, adapt to a quickly evolving industry, and meet the needs of EV drivers. This RFI will help us gather important feedback from our federal, state, local, and private partners to inform potential updates to our federal standards with those goals in mind."

Ford recently announced the F-150 Lightning and Mustang Mach-E's access to Tesla Supercharger stations, facilitated by its Fast Charging Adaptor. Additionally, Tesla plans to open its Supercharger stations to other legacy and EV-only companies this month through NACS adaptors.

Is the law firm responsible for the legal complaint that led to the revocation of Elon Musk's 2018 pay package seeking excessive compensation? A growing number of Tesla shareholders seem to think so. This sentiment is highlighted by a grassroots effort from Tesla stockholders who are currently advocating for Delaware Judge Kathaleen McCormick to reject the request of Bernstein Litowitz Berger & Grossmann, the law firm in question, which is seeking compensation of nearly $6 billion for their services in the case against Musk.

Elon Musk's 2018 pay package was revoked by Judge McCormick in late January. The case was initiated by Richard Tornetta, a thrash metal drummer and car enthusiast, who held nine TSLA shares at the time the legal complaint was filed. In their brief, the lawyers argued that they should be remunerated with 29 million TSLA shares. This block of TSLA stock would amount to nearly $6 billion, equating to an hourly rate of approximately $288,888.

"Instead of seeking a cash fee award, Plaintiff's Counsel is requesting compensation in the form of a percentage of the shares returned to Tesla for unrestricted use. In essence, we are willing to 'eat our own cooking.' This arrangement directly ties the award to the benefit generated and avoids any financial burden on the Tesla balance sheet to cover fees. Additionally, it is tax-deductible for Tesla," the lawyers stated in a brief.

Elon Musk has reacted to the Delaware court's ruling on X, expressing his disbelief at the notion of awarding the lawyers involved in the case nearly $6 billion in TSLA stock as "criminal." Musk's reaction is understandable, particularly considering that the majority of TSLA shareholders did approve his 2018 compensation plan. Many of these shareholders are now voicing their opposition by sending letters to Judge McCormick, expressing their disapproval not only of Musk's 2018 pay package but also of the idea of awarding Bernstein Litowitz Berger & Grossmann nearly $6 billion in TSLA stock.

TSLA shareholders have adopted the hashtag #DelawareCourt81 for their movement. A search of the hashtag on X, the social media platform previously known as Twitter, reveals that retail shareholders from diverse backgrounds are now sending letters to Judge McCormick. Some are sending letters from overseas. Many are sharing personal narratives about how their retirement savings are linked to TSLA stock and expressing concern that a $6 billion TSLA share grant to Bernstein Litowitz Berger & Grossmann would significantly impact them financially.

It is uncertain whether the efforts of Tesla shareholders will influence Judge McCormick's final decisions on the matter. However, irrespective of the outcome from the Delaware Judge, the actions taken by Tesla shareholders warrant commendation. Elon Musk appears to acknowledge and appreciate the shareholders' endeavors, as evidenced by the CEO expressing gratitude in response to a shareholder's post regarding the initiative.

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