XPEV - Tesla's Ongoing Austerity Measures Rivian-Apple Partnership Buzz Biden Administration's Clampdown: Biggest EV Stories Of The Week | Benzinga
Electric vehicle stocks retreated in the week that ended on May 10 amid profit taking, with some earnings reports from the space weighing down on several stocks.
Here are the key events that happened in the EV space during the week:
Another Key Tesla Executive Departs, China Sales Woe And More: The week did not bring respite to the ongoing right-sizing efforts at Tesla, Inc. (NASDAQ:TSLA). Rich Otto, who served as head of product at the company, announced this week that he was departing after a seven-year stint at the company. In a LinkedIn post that has since been deleted, Otto reportedly said, “The recent layoffs that are rocking the company and its morale have thrown this harmony out of balance and it’s hard to see the long-game.”
In another development, Tesla removed most job postings on its website, with the North American websites listing just three open manufacturing jobs. Gizmodo reported, citing an archived version of Tesla’s career page, that as of May 1, had listed 3,400 jobs openings in the U.S., Mexico and Canada.
Although Tesla nearly disbanded its Supercharger network team, it could expand the network, according to comments from CEO Elon Musk.
“Just to reiterate: Tesla will spend well over $500M expanding our Supercharger network to create thousands of NEW chargers this year,” he said in a post on X.
“That's just on new sites and expansions, not counting operations costs, which are much higher,” he added.
Tesla’s troubles in China appear to continue. Data released by the China Passenger Car Association showed that ...