Explainer-What will happen to Tesla CEO Elon Musk's $56 billion pay package?

- A Tesla shareholder vote on Thursday on whether to reinstate CEO Elon Musk 's $56 billion pay package that was shot down by a Delaware judge will not provide a quick resolution, irrespective of the tally's results.

Tesla included McCormick's ruling in its disclosures to shareholders ahead of the vote on Thursday, and has said it plans to argue that an affirmative result would show that shareholders back the package with full knowledge of McCormick's criticisms. Tesla is also asking for shareholder approval at its annual meeting on Thursday to move its corporate domicile to Texas, outside the reach of Delaware courts. It has said it does not plan to use the move to ignore McCormick's ruling, and she has accepted those assurances.Tesla could also face more litigation from some shareholders. One of them this month filed a lawsuit challenging the upcoming shareholder vote on Musk's pay package and the change of domicile.

Tesla has also warned that if McCormick's ruling stands, shareholders would bear the cost of its legal fees. The legal team representing the Tesla investor who challenged Musk's pay is asking for $5.6 billion out of the Tesla stock Musk would have received as a fee, though the company is challenging that request.Board chair Robyn Denholm said in a regulatory filing last week that reinstating the pay package was necessary for "retaining Elon's attention and motivating him.

China's premium electric car makers can expect a smooth road ahead of them in 2024 as both consumer demand and product margins improve, giving the assemblers a respite from a bruising discount war which has already resulted in the demise of several competitors. Major players Nio, Xpeng and Li Auto, all felt the impact of the three-month race to the bottom, as prices for 50 models across a range of brands dropping by an average of 10 per cent.

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