On Nov. 11, 2025, Tesla’s China sales hit a three‑year low, two vehicle‑program leaders departed, shareholders’ $1T Musk award reverberated, and fresh commentary put Optimus and FSD ambitions back in the spotlight. TSLA slips intraday.
- China headwinds: October retail deliveries in China fell to 26,006, the lowest in three years (‑35.8% YoY); Tesla’s China EV share slid to 3.2% even as exports hit a two‑year high. [1]
- Leadership churn: The Model Y program manager Emmanuel Lamacchia and Cybertruck lead Siddhant Awasthi announced exits within hours of each other. [2]
- Strategy & governance: After last week’s vote, Tesla’s chair thanked investors for approving Elon Musk’s performance award (widely described as ~$1T; >75% support, ~1.94B votes cast). Tesla’s 8‑K confirms the approval and mechanics. [3]
- AI & autonomy narrative: Musk’s remarks about Optimus robots “preventing crime” and a target for full FSD approval in China by early 2026 keep the AI pivot front‑and‑center. [4]
TSLA stock snapshot (intraday)
As of publication, TSLA trades around $435–$443 with a modest decline on the day.
What’s new today (Nov. 11, 2025)
1) China sales slump to a 3‑year low
Fresh China Passenger Car Association data reported by Reuters show Tesla delivered 26,006 vehicles in China during October, a three‑year low and ‑35.8% YoY, while exports from Shanghai rose to 35,491 (a two‑year high). Market share slid to 3.2% from 8.7% in September, underscoring stiff competition and softer demand. [5]
Why it matters: China is Tesla’s No. 2 market. The retreat in retail sales—even as exports tick up—suggests domestic demand pressure that could weigh on Q4 volumes, particularly after incentive expirations. [6]
2) Back‑to‑back departures: Model Y and Cybertruck leaders
Emmanuel Lamacchia, who oversaw Tesla’s best‑selling Model Y, confirmed his exit, just hours after Siddhant Awasthi, the Cybertruck program head (who also recently took over parts of the Model 3 program), said he is leaving. The moves extend a string of senior changes as Tesla reorients toward robotaxis and AI. [7]
Why it matters: With the Model Y still the company’s workhorse, leadership transitions can ripple through production planning and model refreshes—especially as competition intensifies in China and Europe. [8]
The bigger picture driving TSLA today
3) Shareholders green‑light Musk’s new award; board signals the AI/robotics pivot
Following last week’s vote, Tesla chair Robyn Denholm publicly thanked investors for approving Musk’s performance‑based award (commonly framed as ~$1 trillion). The company’s Nov. 6 8‑K records the approval of the 2025 CEO Performance Award (twelve tranches of restricted stock tied to ambitious milestones). [9]
Fact check of the day: Some blogs miscast a new Form 4 as a giant open‑market “buy.” The filing documents restricted stock issued under the approved award, not a cash purchase of billions in stock. [10]
4) AI, Optimus and autonomy: the narrative heats up
A fresh Newsweek write‑up highlights Musk’s claim that Optimus robots could one day “prevent crime” by following offenders—an idea that has sparked ethical debate. At the same time, Reuters reports Musk expects full FSD approval in China in early 2026, sharpening the company’s autonomy timeline. [11]
Why it matters: Tesla is explicitly reframing itself around AI, robotics and robotaxis, a shift that could diversify revenue beyond vehicles—but will require regulatory wins and flawless execution.
Product & market notes to watch
- China lineup tweak: Over the weekend, Tesla introduced a Model Y Long Range RWD variant in China (CLTC‑rated 821 km), priced at ¥288,500 (~$40,500), with deliveries in 2–4 weeks—a potential lever to address demand. (CLTC figures are not directly comparable to EPA.) [12]
- Recall context (recent): In late October, Tesla recalled ~63,000 Cybertrucks in the U.S. over lighting brightness that could distract other drivers; most fixes are software‑based. While not today’s news, it remains in the background for Cybertruck momentum. [13]
What it means for investors
- Near‑term: Today’s China retail slump and management turnover add uncertainty to Q4 deliveries and margin trajectory; the stock is reflecting some of that caution intraday. [14]
- Medium‑term: The Musk award and board language signal a decade‑long bet on autonomy and humanoid robotics. Execution milestones (FSD approvals, robotaxi deployments, Optimus commercial tasks) will be crucial catalysts—or risks—over 2026–2028. [15]
Key dates & catalysts
- Regulatory: Follow‑through on FSD China approval targeted for early 2026; any provincial pilots or Beijing approvals would be material. [16]
- Products/lineup (China): Market uptake of the Model Y LR RWD variant and broader pricing/financing moves through year‑end. [17]
- Governance filings: Additional proxy/SEC detail on performance‑award tranches and any board updates. [18]
Disclosure: This article is for information only and is not investment advice.
References
1. www.reuters.com, 2. www.reuters.com, 3. www.reuters.com, 4. www.newsweek.com, 5. www.reuters.com, 6. www.reuters.com, 7. www.reuters.com, 8. www.reuters.com, 9. www.reuters.com, 10. ir.tesla.com, 11. www.newsweek.com, 12. cnevpost.com, 13. apnews.com, 14. www.reuters.com, 15. www.sec.gov, 16. www.reuters.com, 17. cnevpost.com, 18. www.sec.gov
