Connect with us

Business & Finance

Tesla loses two senior executives as company announces largest-ever global job cuts

Published

on

Tesla's two senior executives quit as carmaker undertakes largest-ever global round of job cuts

In a surprising turn of events, Tesla Senior Vice President Drew Baglino announced his resignation on Monday, as reported by Bloomberg. Baglino, who has been with the company for 18 years, played a crucial role in leading engineering and technology development for Tesla’s batteries, motors, and energy products. His departure was accompanied by Rohan Patel, the carmaker’s vice president of public policy and business development.

The news of Baglino and Patel’s resignation coincided with Tesla CEO Elon Musk’s decision to potentially cut headcount by over 14,000 employees globally due to a challenging outlook for electric vehicle sales. Musk highlighted the need to streamline operations and reduce costs in an email to staff, acknowledging the necessity of making difficult decisions for the company’s future growth.

The departure of Baglino has raised concerns among investors about succession planning at Tesla, where Musk has been the CEO since 2008. With the loss of another top executive, CFO Zachary Kirkhorn in August, questions linger about the company’s leadership structure and ability to navigate the competitive EV market.

Analysts are also closely monitoring Tesla’s sales performance, as the company recently reported vehicle deliveries that fell short of expectations, marking its first quarterly decline in four years. With the slow production of new models like the Cybertruck and upcoming challenges in launching next-generation vehicles, Tesla is facing a period of uncertainty amidst its rapid growth.

Despite the challenges, Tesla has been expanding its workforce and production capacity, with two new plants in Austin and Berlin ramping up output. As Musk grapples with the evolving landscape of the EV industry, the company’s future trajectory remains a topic of interest for both investors and industry observers.

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Trending