EV giant Tesla Inc. TSLA has promoted Micheal Snyder to the position of Vice President of Energy and Charging amid an ongoing leadership shuffle following the energy segment’s good performance in the third quarter.
What Happened: Snyder updated his promotion via LinkedIn. Snyder joined Tesla as long back as 2014 and was most recently Senior Director for Megapack product. Megapack is a powerful battery manufactured by the company in addition to its home battery called Powerwall.
In the three months through the end of September, Tesla’s energy generation and storage revenue touched $2,376 million, marking a growth of 52% as compared to the corresponding period of last year. The energy business achieved a record gross margin of 30.5% and the powerwall product achieved record deployments.
Tesla currently operates a Megafactory in Lathrop, California, capable of making 10,000 Megapack units in a year. The company is also putting up a Megaafactory in Shanghai which it expects to start shipping Megapacks in the first quarter of 2025.
For full-year 2024, Tesla now expects to deploy twice the energy storage deployed last year, or roughly 29.4 GWh of energy storage.
Why It Matters: Synder’s however, is not the sole promotion at Tesla in the recent weeks.
Omead Afshar is now a vice president in charge of sales and manufacturing with senior executives in North America and Europe reporting to him, The Wall Street Journal reported earlier this month, citing people familiar with the changes.
Another senior executive Ashok Elluswamy, meanwhile, has been promoted from Director of Autopilot Software to Vice President of AI software this month, according to his LinkedIn profile.
Milan Kovac, who was Director of Optimus and Autopilot Engineering, has been promoted to Vice President of Optimus, and Wes Morrill, who was Cybertruck's lead engineer, is now Senior Director of Engineering- Reliability, Test, and Analysis, according to the execs’ Linkedin.
Tesla laid off several employees earlier this year and several senior executives left the company including then Senior Director of Charging Infrastructure Rebecca Tinucci, AI Manager Paril Jain, Director of New Product Introduction Daniel Ho, Senior Vice President of Powertrain and Energy Engineering Drew Baglino, and Vice President of Public Policy and Business Development Rohan Patel.
Since then, the company's leadership and teams have undergone some major restructuring.
Price Action: Tesla’s stock surged nearly 22% on Thursday following the company’s third-quarter results, closing the day at $260.48. Year-to-date, the EV giant’s shares are up 4.9%, according to Benzinga Pro data.
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Photo courtesy: Tesla
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