Post by : Raina
Al-Fahim
A major shift in leadership at Tesla has occurred as Siddhant Awasthi, who served as the programme manager for the Cybertruck and Model 3, has announced his resignation after eight years with the electric vehicle manufacturer. He shared the news on LinkedIn, indicating that his decision was “not an easy one,” yet he did not disclose his future plans.
Starting as an intern, Awasthi swiftly ascended within Tesla, playing a crucial role in ramping up Model 3 production, contributing to initiatives at Giga Shanghai, and leading new projects in electronics and wireless architecture, culminating in the long-awaited launch of the Cybertruck. His varied experience highlights his significant role in developing several of Tesla’s marquee vehicles.
This resignation comes at a challenging time for Tesla, which recently recalled more than 63,000 Cybertrucks in the U.S. due to concerns over overly bright front lights, raising road safety issues. Earlier, nearly 46,000 Cybertrucks faced recalls stemming from a dangerous exterior panel near the windshield.
Furthermore, Tesla has encountered a decline in profits, reporting a 37% drop in third-quarter earnings this October. The company's profit decreased from $2.2 billion last year to $1.4 billion, marking a continuous drop over four quarters. Nevertheless, Tesla’s sales experienced a slight uptick, partially driven by a rush to access a $7,500 federal EV tax credit before it expired.
In spite of these headwinds, CEO Elon Musk has recently gained shareholder approval for a performance-oriented stock plan valued at potentially $1 trillion, indicating sustained investor confidence despite his controversies. Following Awasthi’s announcement, Tesla’s stock saw an increase of over 2% ahead of the market opening on Monday.
Awasthi's departure highlights a transformative period for Tesla as it continues to address recalls, profit challenges and shifting market dynamics in the electric vehicle arena.
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