Recently,the largest pension fund in Europe,ABP,revealed that it sold all of its Tesla shares worth €571 million ($585 million) in the third quarter of last year.One of the reasons for this decision was the disagreement over Elon Musk's compensation plan.Back in June,ABP had voted against Musk's pay package,which was valued at over $50 billion,arguing that it was "controversial and excessively high."

With investments totaling €540 billion,equivalent to more than 40 trillion yuan,ABP ranks as one of the largest pension funds worldwide.However,following ABP's divestment,Tesla's stock experienced a remarkable surge,peaking at $488.54 per share,effectively doubling the average price at which ABP sold its shares.ABP stated that it does not regret selling its stake in Tesla.

In the past ten trading days,Tesla's stock price has seen a slight correction,closing at $394.74 per share last Friday,giving the company a market capitalization of $1.267 trillion.In early January,Tesla's reports indicated that the number of vehicles delivered in 2024 would be less than in 2023,marking the first year-on-year decline in annual vehicle deliveries in over a decade for the company.

Major Divestment from Tesla

On January 13,news emerged that Stichting Pensioenfonds ABP,Europe's largest pension fund,had entirely sold its stake in Tesla worth €571 million (approximately $585 million) in the third quarter of last year,partly due to disagreements over Musk's compensation plan.

An ABP spokesperson stated on January 12 that they "had concerns" regarding Musk’s compensation.While determining to sell their investment,the fund also considered costs,returns,and responsible investment requirements.

In June of last year,ABP had voted against Musk’s compensation plan,labeling it as "controversial and overly high." Despite this,Musk's pay package ultimately passed shareholder approval at Tesla.

Regarding the complete liquidation of their Tesla shares,ABP expressed that although Tesla's stock has risen significantly since the end of September last year,they do not feel regretful."We are long-term investors," ABP remarked,adding that this stock sale was unrelated to Musk's role in American politics.

Last month,a Delaware judge dismissed Musk's record-breaking compensation plan once again.On December 2,2024,Judge Katherine St.John McCormick decided to uphold her ruling from January 2024,asserting that the Tesla board’s approval of Musk’s pay structure in 2018 was unduly influenced by Musk himself.Initially valued at $2.6 billion,the compensation package had ballooned to $56 billion (approximately 408.1 billion yuan) by the time the judge invalidated it.

McCormick's ruling overturned what was historically the highest pay package for corporate executives in the United States.Should appeals fail,this could severely diminish Musk's wealth and potentially impact the future of his companies.There are indications that Musk may appeal this decision to the Delaware Supreme Court.

Following McCormick’s cancellation of the plan last January,Musk lashed out at the court on his social media platform,proclaiming,"Never register your company in Delaware.” Subsequently,Tesla conducted a shareholder vote to relocate its registration to Texas,officially making the transition in June last year.

Decline in Deliveries Last Year

On January 2,local time,Tesla reported that approximately 1.79 million cars were delivered globally in 2024,representing a 1.1% decline from 2023.This marks the first time Tesla has witnessed a year-over-year sales drop since 2015,as the actual figures fell short of analysts' expectations of 1.8 million units.

Nevertheless,Tesla continued to perform robustly within the Chinese market.According to data from the China Passenger Car Association and other media estimates,Tesla's sales in China reached 83,000 units in December,reflecting a 12.8% month-on-month growth,and annual sales surpassed 657,000 units,a year-on-year increase of 8.8%,setting a historical record.Currently,Tesla remains the top seller of pure electric vehicles worldwide,although its lead is being increasingly challenged by BYD.

Last week,Tesla debuted its highly anticipated refreshed Model Y in China,offering two different configurations,priced at 263,500 yuan and 303,500 yuan respectively.As of now,the original Model Y is still available at a discount of 10,000 yuan along with a five-year interest-free financing plan,making the final price touch 239,900 yuan,which is 23,600 yuan cheaper than the refreshed Model Y.The refreshed Model Y is slated for delivery by March 2025.Tesla's Vice President Tao Lin remarked,"The only thing that can surpass the Model Y is the refreshed Model Y."

Prominent brokerage firm CITIC Securities has noted that 2024 represents a low point in Tesla's product cycle,with year-over-year sales declining; however,the anticipated debut of the refreshed Model Y and an affordable vehicle in 2025 could signal a robust recovery in the product cycle,helping to boost sales once again particularly in the second half of 2025 and into 2026.

However,with increased sales,Tesla is also facing mounting recalls globally.On January 10,Tesla announced a recall of approximately 239,000 electric vehicles in the U.S.due to potential failures of the rear-view camera.

According to Tesla's statement,rear-view camera failures can diminish the driver's field of vision,heightening the risk of accidents.This recall affects Tesla Model 3 and Model S vehicles from the 2024-2025 model years,along with the Model X and Model Y SUVs from the 2023-2025 model years.

In mid-December last year,Tesla recalled nearly 700,000 vehicles due to issues with the tire pressure monitoring system warning lights.According to a letter from the U.S.National Highway Traffic Safety Administration,this recall included certain 2024 Cybertruck electric pickups,2017-2025 Model 3,and 2020-2025 Model Y models.Tesla stated that it had provided a free software update to address these problems.

According to tracking data from the U.S.National Highway Traffic Safety Administration,Tesla announced 16 recalls in the U.S.throughout 2024,affecting over 5 million vehicles.