In its financial report, Tesla Motors Inc. revealed another share plunge following two executive members’ resignation.
According to reports, vice president of production, Greg Reichow is soon to take leave of absence.Likewise, vice president of manufacturing, John Ensign is also set to depart (source: Tesla’s spokeswoman).
EXCLUSIVE: Not to mention, Reichow has been with Tesla for more than five years leading the production team for the past three years. His statusfor being out-standing is likely to continue till Tesla finds hisreplacement.
In accord with Bloomberg’s information, the changes were linked to production glitches and delays around the Model X, the SUV Tesla started to deliver in September.
Exclusive data obtained by market watchers cites (for readers’ concern):
Shares were under suppression wheninvestor; Jim Chanos expressed bearish shares of both SolarCity Corp. and Tesla
INSIGHT: Not to mention, Tesla’s Chief Executive, Elon Musk is SolarCity’s chairman – who earlier had promised to keep the company on track in turmoil of uncertain circumstances.
“Greg and the team deserve a lot of credit for building an all-new manufacturing organization from the ground up and for making Model S and Model X a reality. We’re confident that with the strength of the team, high-quality manufacturing at Tesla will continue.” – Musk
As when Tesla sat off to report its 1Q result, some analysts forecast wider-than-expected quarterly loss. However,
The company earned $1.6 billion in revenues and a narrower-than-expected adjusted loss/share worth $0.57. Auto-manufacturer was expected to report a quarterly adjusted loss of $0.60 per share, and revenues of $1.61
“Looking out beyond Q2, we remain confident that we can deliver 80,000 to 90,000 new Model S and Model X vehicles in 2016,” CEO Elon Musk said in the statement, reiterating the company’s earlier projection.