Techcrunch Mobility: Elon Musk’s Threats Worked

6 hours ago

Welcome backmost to TechCrunch Mobility, your hub for each things “future of transportation.” To get this successful your inbox, motion up present for free — conscionable click TechCrunch Mobility!

Did you hear? Elon Musk sewage his $1 trillion salary package. Of people you did, because sum of that highly anticipated ballot is everywhere, including present astatine TechCrunch. But what does this really mean?

Yes, this is astir money, but it’s much astir powerfulness and control. You mightiness callback that Musk many times talked astir nan request to power Tesla and offered up a assortment of scenarios, including 1 involving a robot army, to reason for it.

And nan stakes were high; if he didn’t get that control, he threatened to leave. Shareholders simply could not, did not want to ideate Tesla without Elon.

All of that money, power, and power increases for Musk if Tesla reaches milestones based connected operations, adjusted profit, and marketplace capitalization. Every tranche, if nan extremity is reached, will present 35.3 cardinal shares to Musk. For instance, nan first tranche milestone is simply a marketplace capitalization of $2 trillion. Today, Tesla’s marketplace headdress sits astatine astir $1.5 trillion.

Tesla is simply a weird animal successful which its stock value often has thing to do pinch existent fundamentals. It’s not different for Tesla’s banal value to emergence because of comments Musk made during an net telephone moreover if its quarterly figures weren’t peculiarly good. I’m judge this is incredibly frustrating for different automakers.

Which is why I americium much willing successful immoderate of nan merchandise and adjusted profit goals tied to this package. Goals see 20 cardinal Tesla vehicles delivered, 10 cardinal progressive Full Self-Driving subscriptions, 1 cardinal robots delivered, and 1 cardinal robotaxis successful commercialized cognition wrong 10 years. Scroll down to nan bottommost to participate successful a study regarding these goals.

Techcrunch event

San Francisco | October 13-15, 2026

Musk utilized nan shareholder gathering for much than conscionable a triumph lap, though that vibe was surely present. He made a number of forecasts and promises, including that production of its Cybercab will statesman successful April and that nan institution mightiness request to build a “gigantic” semiconductor fabrication plant. He besides punted connected nan Roadster 2 again, which was first revealed arsenic a prototype conveyance successful 2017. A accumulation type will now beryllium shown connected April 1, 2026 — yup, April Fools’ Day.

Reminder: That Master Plan 4, which was nan centerpiece of Tesla’s transportation to shareholders to o.k. nan $1 trillion salary package, is still woefully short connected details.

A small bird

We’re moving connected a fewer spicy items, but thing that is fresh rather yet. In nan meantime, retrieve our emails are ever unfastened for tips.

Got a extremity for us? Email Kirsten Korosec at kirsten.korosec@techcrunch.com or my Signal astatine kkorosec.07, aliases email Sean O’Kane at sean.okane@techcrunch.com.

Deals!

Beta Technologies, nan electrical aviation startup, pushed up pinch its IPO contempt nan authorities shutdown acknowledgment to immoderate relaxed rules courtesy of nan SEC. The institution made its debut connected nan New York Stock Exchange with an outsized raise of $1 billion.

And while nan banal value didn’t skyrocket successful its first time of trading, it didn’t autumn either — which has happened to a fewer caller IPOs.

The Vermont-based institution priced shares successful its IPO astatine $34, supra its predicted scope of $27 to $33. Beta Technologies sold 29.9 cardinal shares to raise $1 cardinal astatine a valuation of $7.4 billion. It closed up astatine $36 and moreover held that crushed nan pursuing day. Shares person since fallen to astir $31.

Of course, this is simply a agelong crippled and Beta Technologies is still moving connected commercializing its aviation products. Let’s spot wherever nan institution is astatine — and its stock value — a twelvemonth from now.

Other deals that sewage my attraction this week …

Archer Aviation raised $650 million done a banal offering for 81.25 cardinal shares, costs that will support its $126 cardinal acquisition of Hawthorne Airport, a strategically important airdrome successful Los Angeles. Shareholders didn’t respond favorably and shares fell much than 12.6% Friday.

Fun fact: This airport, speech from having a awesome restaurant, is successful Elon Musk’s backyard. The Tesla Design Studio and SpaceX are correct adjacent door, and nan airdrome has been utilized for various merchandise launches, including nan Tesla Semi.

Evotrex, a startup processing a hybrid RV recreation trailer pinch an integrated state engine, has travel retired of stealth with $16 cardinal successful seed money from Anker, arsenic good arsenic Chinese early-stage task firms Unity Ventures, Kylinhall Partners, and Vision Plus Capital.

Indian two-wheeler elephantine TVS Motor sold its full stake successful ride-hailing company Rapido for ₹2.88 cardinal (about $32 million) to Accel and Prosus’ finance unit, MIH Investments.

Lucid Motors’ majority proprietor — Saudi Arabia’s sovereign wealthiness money — boosted nan headdress of a loan agreement from $750 cardinal to astir $2 billion, which provides nan institution liquidity until 2027.

Rivian reported third-quarter net this week, and amid nan financial results was a caput scratcher. The institution has spun disconnected different company — this clip it is an business AI and robotics task called Mind Robotics. Remember, earlier this twelvemonth Rivian spun disconnected a micromobility institution called Also. Mind Robotics has already raised a $115 cardinal seed round, which was led by VC patient Eclipse. Jiten Behl, a partner astatine Eclipse who utilized to activity astatine Rivian, is simply a awesome backer of Also.

Notable sounds and different tidbits

Bryant Walker Smith, an subordinate professor successful nan School of Law and (by courtesy) nan School of Engineering astatine nan University of South Carolina, has been a go-to master and advisor to governments and information organizations astir automated driving for years — peculiarly astir really it is communicated pinch nan public. He released a insubstantial past period that I would beryllium remiss not to stock here. It’s called “Self-Driving” Means Self-Driving.

Ford executives are mulling complete whether to termination disconnected nan F-150 Lightning truck.

Lucid is successful nan midst of an executive shake-up arsenic it continues its hunt for a imperishable CEO. The EV maker’s main technologist Eric Bach is leaving nan institution aft much than a decade and Jeri Ford, who was VP of Quality, is retiring. TechCrunch besides learned James Hawkins, who was VP of Engineering, is besides nary longer pinch nan company. Meanwhile, Senior Vice President of Powertrain, Emad Dlala, is being elevated to oversee each of “Engineering and Digital.”

Luminar continues to struggle. The institution was precocious deed pinch an eviction notice for 1 of its Orlando, Florida, offices.

Lyft had a positive 3rd quarter that included a profit of $46.1 million. That’s bully news considering it reported a nonaccomplishment of $12.4 cardinal successful nan aforesaid 4th past year. Lyft besides saw ridership turn (15% year-over-year to 248.8 million) and gross emergence 11% to $1.69 cardinal compared pinch nan aforesaid year-ago period.

Rivian posted its third-quarter earnings and while nan institution is still operating astatine a loss, nan gross results appeased Wall Street. The company’s gross roseate 78% year-over-year to $1.56 cardinal — and, hey, that’s not nothin’. But it besides had a hefty Q3 nonaccomplishment of $1.17 billion, a 6% emergence from nan nonaccomplishment of $1.1 cardinal it reported a twelvemonth earlier.

Waymo plans to motorboat a robotaxi work successful Detroit, Las Vegas, and San Diego. If it seems for illustration Waymo is ramping up quickly, you would beryllium correct. Don’t forget, past period astatine TechCrunch Disrupt, Waymo co-CEO Tekedra Mawakana said that by nan extremity of 2026, “you should expect america to beryllium offering 1 cardinal trips per week.” Waymo hasn’t shared that play number since April, erstwhile it was much than 250,000 trips per week.

One much point …

It’s clip for a poll! Sign up for nan newsletter to participate. Have a mobility you want america to ask? Email maine astatine kirsten.korosec@techcrunch.com.