Yahoo Finance Key player in gigafactory Mexico leaves Tesla on Elon Musk's big day, what now?
Investing.com - On Wednesday, Eugenio Grandio, the Business Policy and Development Advisor for Latin America at Tesla (NASDAQ:TSLA), announced his departure after 8 years at the electric vehicle manufacturer founded and led by Elon Musk.
Grandio was a key figure in the process of bringing Tesla’s Gigafactory to Nuevo León, Mexico, which has been one of the symbols of nearshoring in the country. His departure comes after Musk acknowledged that the development of the factory in Mexico is not a priority for the company.
“After 8 years of tirelessly fighting to accelerate the global transition to electric mobility, in which Mexico and other Latin American countries were not only participants but protagonists, my time at Tesla has come to an end,” he wrote last night in a LinkedIn post, without revealing the reason for his departure.
⚠️ Is it time to invest in Tesla?... Or not? Find out with InvestingPro, where you'll also find a wide variety of stocks and proven strategies to maximize your gains: Click here for an EXCLUSIVE DISCOUNT on your one-year subscription.
In his post, Eugenio Grandio said that during his time at Tesla, he led the selection and negotiation of the project for the Mexico Gigafactory, deployed the Supercharger network, led the sales team, and helped suppliers start operations in the country, as well as supported the brand launch in Latin American countries and promoted incentives and regulations to increase the adoption of electric vehicles.
“What’s next for me? You’ll see me very soon taking on a new role with a challenge I’m sure will excite me as much as being part of Tesla from its early days and continuing to work towards making Mexico part of this electric mobility revolution,” he mentioned.
The news comes just as Elon Musk is about to reaffirm his leadership at Tesla, with reports that investors have approved the annual remuneration package of $56 billion, which would also mean greater control over the company as the compensation includes an increase in Tesla shares under his control, from 12.9% to around 22% of the total.
This has led to Tesla shares rising around 4% in Thursday’s trading, June 13, trading above $184.
The final results will be announced this afternoon during the shareholders' meeting, closely watched by the market, as they will not only affect Tesla’s internal structure but also signal investors’ confidence in Musk’s leadership and vision for the company.
The departure of a key figure for Tesla in Mexico comes as Musk’s company faces a slowdown in electric vehicle sales and growing competition, leading to significant reductions in its global workforce and postponing various projects, such as the Gigafactory in Mexico.
Unlock your full investment potential with InvestingPro! These premium tools will undoubtedly be your best allies as an investor, enabling you to achieve maximum profitability in the financial market. Don’t believe us? Thousands of investors worldwide trust InvestingPro, where they get all the information, data, and analysis that have allowed them to ride the wave of stock market gains.
With the MEJORPRO coupon, you’ll get a spectacular discount on your subscription to our 1 and 2-year plans. Click here and redeem your coupon today!
Related Articles
Key player in gigafactory Mexico leaves Tesla on Elon Musk's big day, what now?
Employer coverage for weight-loss drugs rises sharply, survey finds
Lawmakers grill Microsoft president over China ties in House hearing on hacks
