Elon Musk sent a red envelope worth 1.6 billion to this Chinese person, but with two conditions.

Tesla offers 520,000 shares, worth over $233 million, to invite Zhu Xiaotong to renew his contract for five years.

According to Che Dongxi on January 14th, recently, Tesla announced in its US stock market disclosure that it has extended the contract of its senior vice president Zhu Xiaotong for another five years. Simultaneously, it has granted him 520,021 restricted stock units of Tesla, with an exercise price of $435.8.

▲Zhu Xiaotong, Senior Vice President of Tesla

As of the close of the US stock market on Tuesday local time, Tesla's stock price per share was reported at $447.2. Calculated at this price, the total value of the bonus granted by Tesla to Zhu Xiaotong is approximately $233 million.

It is worth noting that there are two major conditions for Zhu Xiaotong to fully obtain this incentive: First, the restricted stock units will fully vest on March 5, 2031, which means he must work at Tesla for another five years to fully unlock the reward.

▲Tesla grants Zhu Xiaotong 520,000 shares

Second, whether Zhu Xiaotong can truly receive the bonus will also depend on Tesla's stock price performance in the next five years. This plan ties Zhu Xiaotong's salary for the next five years to Tesla's stock price.

Almost at the same time, news about Tesla's new cars also emerged in China. Tesla's official Chinese website briefly launched the cheaper version of Model Y (Model Y Standard Range), and the relevant page has now been updated.

▲The cheaper version of Model Y is now called Model Y Standard Range

Industry insiders revealed that in addition to the Model Y Standard Range, Tesla may also plan to launch the Model 3 Standard Range in the Chinese market, and the two models may be launched sequentially, with Model 3 first and then Model Y.

Currently, these two models have been launched in the US market, which are $5,000 - $5,500 cheaper than the previous entry - level models in that market. By analogy with the price cuts in the US market, if the Model 3/Y Standard Range is launched in the Chinese market, the starting price may be less than $28,571 (equivalent to less than 200,000 yuan at the exchange rate).

It is reported that the Model 3/Y Standard Range models have cancelled or simplified more than ten configurations. For example, the panoramic sunroof is replaced with a steel plate, the leather seats are changed to fabric, the electric seat adjustment is cancelled, the front through - type light strip is removed, the double - laminated glass for the windows is cancelled, and the power and battery range are also reduced.

01. Zhu Xiaotong is heavily rewarded by Tesla and gets a "compensation package" similar to Musk's

Zhu Xiaotong's equity incentive this time inevitably reminds people of Tesla's previous compensation plan for Elon Musk.

Previously, at Tesla's 2025 annual shareholders' meeting, Tesla shareholders voted to approve a compensation plan for Elon Musk that could reach up to $1 trillion.

▲Zhu Xiaotong and Elon Musk

This compensation plan needs to be unlocked in 12 stages, corresponding to multiple performance targets of Tesla. In each stage, Musk can receive the corresponding stock rewards only when both the market - value threshold and at least one operational or financial target are met.

Specifically, in terms of the market - value target, this compensation plan requires Tesla to increase its market value to $85 trillion before 2035, nearly six times the current market - value scale of Tesla. If this goal can be achieved, Tesla's market value may exceed that of all existing large - scale listed companies.

▲Some conditions for achieving Tesla's compensation plan

Just the increase in market value is not enough to trigger the reward. Musk's compensation for each stage also requires meeting operational or financial indicators simultaneously.

These indicators include delivering 20 million Tesla vehicles; having 10 million paid FSD subscriptions; delivering 1 million humanoid AI robots Optimus; and operating 1 million Robotaxis commercially, etc., aiming directly at the expansion of core business.

This compensation bill also requires Musk not to sell any shares in the next seven and a half years, and once Musk leaves the company, the un - unlocked part will become invalid, which is equivalent to firmly "tying" Musk to Tesla.

Now, Tesla has also offered Zhu Xiaotong a salary package in the same mode.

Previously, some people thought that Zhu Xiaotong was likely to be the best candidate to take over Tesla after Musk. And the salary package offered by Tesla to Zhu Xiaotong also reflects Tesla's high - stakes bet on Zhu Xiaotong's core role in the next five years.

02. The Model 3/Y Standard Range has over ten simplified configurations, and the starting price drops by nearly $5,714 (about 40,000 yuan)

In addition to Zhu Xiaotong being heavily rewarded by Tesla, there are also rumors in the industry that Tesla is about to launch the Standard Range of Model 3/Y (often referred to as the "cheap Model 3/Y" in the industry) in the Chinese market. Tesla's official Chinese website briefly launched the relevant page but then updated it.

▲Tesla's official Chinese website briefly launched the page for the Model Y Standard Range (Image source: Internet)

This model was launched in the US market as early as last October, with a starting price of $39,990, which is $3,029 (about 21,200 yuan at the exchange rate) more expensive than the existing entry - level Model Y in the Chinese market (with a starting price of $37,786 equivalent to 263,500 yuan at the exchange rate).

Compared with the original entry - level Model Y, the starting price of the Model Y Standard Range is about $5,000 cheaper. However, many overseas netizens still think the price of this car is too high, which may be because while the price of the Model Y Standard Range has been reduced, the new car has also cut more than ten configurations.

▲Comparison of different versions of Model Y in the US market

Together with the Model Y Standard Range, the Model 3 Standard Range was also launched, with the main configuration reductions in power performance, suspension configuration, audio system, rear - seat screen, seats, etc.

The starting price of the new car in the US market is $36,990, which is $5,500 cheaper than the previous entry - level model and $3,986 (about 27,900 yuan at the exchange rate) more expensive than the existing entry - level model in the Chinese market (with a starting price of $33,693 equivalent to 235,500 yuan at the exchange rate).

▲Comparison of different versions of Model 3 in the US market

Judging from the current information, if the Standard Range of Model 3/Y is launched on Tesla's official Chinese website, the new cars may continue the simplified - configuration design of the North American version.

03. Conclusion: Tesla steps up its efforts to plan for the future

From Tesla's recent series of moves, Tesla is standing at a critical strategic turning point.

Its path may already be clear: Based on the mature platform and strong brand influence, by launching the "Standard Range" models with simplified configurations, it drives the product price down to seek more sales in a broader market.

This ambitious strategy requires a dedicated operator.

Tesla not only offers Elon Musk a sky - high salary but also uses a high - value option incentive to firmly lock Zhu Xiaotong's next five years with the company. This is not only an acknowledgement of his past contributions but also a clear coronation of responsibility and delegation of power.

Advancing simultaneously in product strategy and talent - binding, Tesla is making a major bet for the next five years.

This article is from the WeChat official account "Che Dongxi", written by Guo Yue and published by 36Kr with authorization.