Tesla’s (NASDAQ:TSLA) Senior Management Team Ankling
Tesla (NASDAQ:TSLA) CEO Elon Musk declared he is “flattening the management structure to improve communication, combining functions where sensible and trimming activities that are not vital to the success of our mission” as part of a sweeping reorganization of his flagging EV manufacturing company.
The revelation came in an e-Mail that was confirmed to Reuters by Tesla.
Senior Tesla executives have recently ankled or cut back on there work.
Waymo, Alphabet Inc.’s (NASDAQ:GOOG) self-driving unit, said Sunday that Matthew Schwall had joined the company from Tesla, where he was the EV carmaker’s Key technical contact with US safety investigators.
Last week, Tesla said Doug Field, S-VP of Engineering, took time off to “recharge”.
Tesla is at a critical juncture as it tries to fix “Production Hell” problems has slowed the roll-out of its M-3 sedan, a mid-market car seen as Key to the company’s success.
Mr. Musk said on a 2 May earnings call with analysts that the company was “going to conduct sort of a reorganization restructuring of the company … this month and make sure we’re well set up to achieve that goal.”
He added that “the number of sort of 3rd-party contracting companies that we areusing has really gotten out of control, so we are going to scrub the barnacles on that front. It’s pretty crazy. You have got barnacles on barnacles. So there’s going to be a lot of barnacle removal.”
Tesla will still rapidly hire critical positions “to support the Model 3 production ramp and future product development,” Mr. Musk said in the e-Mail.
Tesla has about 40,000 employees at its only manufacturing plant in northern California.
Tesla faces lots issues not the least of which its further access to capital from Wall Street.
Investors rebuked Mr. Musk after he cut off analysts on the earnings call asking about profit potential, sending shares down 5% despite promises that production of the troubled M-3 was on track.
Plus, in the latest of 2 reported crashes last week that have drawn attention, a Tesla Model S sedan was traveling at 60 mph (97 kpr) when it smashed into a fire truck stopped at a Red light in South Jordan, Utah, about 20 miles south of Salt Lake City on Friday night, police said Monday.
Autopilot, a form of advanced cruise control, handles some driving tasks and warns those behind the wheel they are always responsible for the vehicle’s safe operation, Tesla said.
A US traffic safety regulator on 2 May contradicted Tesla’s claim that the agency had found that its Autopilot technology significantly reduced crashes.
|NASDAQ:TSLA||291.97||14 May 2018||-9.09||303.32||304.94||291.62||7,259,300|
|HeffX-LTN Analysis for TSLA:||Overall||Short||Intermediate||Long|
|Bearish (-0.29)||Neutral (-0.10)||Bearish (-0.39)||Bearish (-0.39)|
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