NEW YORK, United States (AFP) — Electric vehicle company  Tesla unveiled on Friday a proposed compensation package for Elon Musk that could top $1 trillion if the controversial CEO delivers on his vision for stratospheric growth from new technologies.

The plan, which runs for 10 years and must be approved by shareholders, provides Musk with up to 12 per cent of current total shares, according to a filing with the United States (US) Securities and Exchange Commission.

To reach the full award, Tesla must reach a market capitalisation of “at least $8.5 trillion by 2035,” according to the filing.

Tesla’s current market capitalisation is just over $1 trillion, down somewhat from its peak following recent weak earnings. Analysts have attributed some of the sales woes to Musk’s embrace of far-right politicians, which has sparked criticism.

But Musk has described Tesla’s potential growth as nearly boundless, saying in July that if the company delivers on its vision for autonomous driving and artificial intelligence, “Tesla will be the most valuable company in the world by far.”

Earlier this month, Tesla announced an “interim” compensation award worth about $29 billion for Musk, asserting the need to retain the controversial CEO at a moment of fierce competition for top talent.

The developments come as Tesla challenges a Delaware court ruling that struck down a 2018 package for Musk of about $55.8 billion.