Report Says Tesla Makes China Exec Tom Zhu 2nd-in-Command To Elon Musk
- According to Reuters, Tesla has appointed Tom Zhu, an executive at the company’s US plants and sales offices, as its chief executive.
- Zhu Tesla would be the second most prominent executive after Elon Musk.
- After Tesla’s market decline of nearly $700B last year, shareholders have called for Musk’s resignation as Tesla CEO.
Zhu would become the second highest-profile executive at an electric vehicle manufacturer, after Elon Musk who is under great pressure.
Musk’s resignation has been called by some shareholders the company’s market capitalization plummeted by over $700 billionLast year.
They are worried about a drop in delivery because China’s struggle for COVID-19 control has caused a slump in production. a 47% tumble in the company’s share price since Musk finalized his $44 billion takeover of Twitter on October 27.
After Tesla missed Wall Street estimates of fourth-quarter deliveries, the stock lost 3.7% and traded at $118.60 ahead Tuesday’s open bell.
Zhu, who joined Tesla back in 2014, will continue to serve as vice president for Greater China, while also taking on additional responsibilities as head of assembly plants and sales operations for North America.
Musk’s new deputy tends to wear Tesla-branded fleeces rather than a suit and tie – and was one of the first Tesla employees to start sleeping on the factory floor last year when a two-month COVID-19 lockdown in Shanghai threatened to shut down production, according to Reuters.
Insider reached out to Tesla for comment but they did not immediately respond.
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