Plus, Ford axes next-gen SDV project and automakers can’t even give a financial forecast anymore.
Elon this, Elon that. It’s never a dull moment in Tesla land when its polarizing CEO is on the front page of the internet. But this time, it’s for something that nobody thought possible: rumors that the board began searching to replace the company figurehead.
Welcome back to Critical Materials, your daily roundup for all things electric and tech in the automotive space. Today, Tesla is in the news (again) over Musk—this time, over a rumored attempt to replace the CEO that was immediately refuted by both Musk and Tesla.
We’ve also got word that Ford has axed a key next-gen zonal architecture project, plus more uncertainty in the tariff department. Let’s jump in.
While CEO Elon Musk was nose-deep in Washington, Tesla began to suffer. Sales declined, brand image turned toxic and Tesla’s revenue fell a whopping 71% year-over-year. Trouble was brewing in Tesla’s so-called “ecological paradise,” and it finally caused Tesla’s board to grow a spine—or so says a report from the Wall Street Journal that Tesla (and Musk) has vehemently denied.
Tesla’s board has been criticized for pretty much letting Musk run the show. Despite being ousted from his post as board chair in 2018 following a settlement with the U.S. Securities and Exchange Commission, the world still very much felt like Musk was running the show. Government officials even recently called on the board publicly to do their job and rein in their CEO after the company started suffering financially while Musk spent his time in politics.
Apparently, all of the criticism must have hit home, because the WSJ reports that Tesla’s board took it upon themselves to launch a search for a new CEO while Musk spent his time 1,600 miles away on Pennsylvania Avenue.
Leave a Reply