Tesla claims that it has promoted its China boss as head of US plants sales and production. 2 after Elon Musk and $700 Billion slump spooks Investors

Tesla reportedly promoted China boss Tom Zhu, to make him the second most prominent executive in the company after Elon Musk.
According to Reuters, Tesla has appointed Tom Zhu as the head of US sales and plants. This would make Zhu Tesla the second most prominent executive after Elon Musk.

According to Reuters, Tom Zhu, Tesla’s China chief, was promoted to lead US plants and sales.

Zhu would be the second most prominent executive in charge of electric vehicle manufacturers after Elon Musk, who is under pressure.

After the company’s market cap plummeted by more than $700 billion last fiscal year, some shareholders called for Musk’s resignation.

They are concerned about a drop in deliveries because China’s struggles to contain COVID-19 patients led to a slump production and a 47% plunge in the company’s stock price since Musk’s $44 billion purchase of Twitter on October 27, 2017.

After Tesla’s fourth-quarter delivery estimates, which were not met by Wall Street, the stock fell 3.7% to $118.60 before Tuesday’s opening bell.

Zhu joined Tesla in 2014. He will continue as vice president for Greater China and take on additional responsibility for North America, including head of assembly plants, sales operations and delivery.

According to Reuters, Musk’s deputy wears Tesla-branded fleeces and is more comfortable than a suit and tie. He was also one of the first Tesla employees who began sleeping on the factory floor last January when a COVID-19 lockdown in Shanghai threatened production.

Insider reached out to Tesla for comment but they did not respond immediately.

Continue reading: Wall Street’s largest Tesla bull still sees Tesla stock rebounding 122% compared to current levels – and doesn’t blame Musk’s Twitter flirtation for the brutal December selloff

Business Insider has the original article.
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By: gglover@insider.com (George Glover)
Title: Tesla reportedly elevates its China boss to head of US plants and sales, making him No. 2 after Elon Musk as $700 billion slump spooks investors
Sourced From: markets.businessinsider.com/news/stocks/elon-musk-tesla-china-boss-tom-zhu-stock-market-analysis-2023-1
Published Date: Tue, 03 Jan 2023 10:36:03 +0000