Latest news with #Afshar
Miami Herald
27-06-2025
- Automotive
- Miami Herald
Tesla Sales Keep Falling as Elon Musk Fires Sales and Manufacturing Head
Elon Musk has fired Omead Afshar, the head of Tesla's sales and manufacturing operations in North America and Europe, Gizmodo and other outlets reported Thursday. While not officially confirmed by Tesla, Afshar's ouster would come amid declining car sales in the United States and Europe. On Thursday Bloomberg reported that Afshar, who has also worked for Musk's rocket company SpaceX as well as Tesla, had "left" the company for unspecified reasons. Forbes then reported that Afshar had been fired by Musk, something CNBC echoed in its reporting. Tesla's lack of a functioning public relations department makes getting a clear answer more difficult. These reports arrive as Tesla sales continue to fall. Though it remains the largest U.S. producer of battery-electric vehicles, Tesla is saddled with large inventories of Cybertruck pickups, and the refreshed Model Y has failed to gain momentum. A pause in production at the automaker's Austin, Texas, factory, which Tesla attributes to maintenance needs, will provide an opportunity to draw down those inventories. Tesla reportedly suffered a 16% dip in year-over-year registrations in April, according to data from S&P Global Mobility, while Cox Automotive announced Wednesday that it's projecting U.S. Tesla sales to fall 21% this quarter compared to the same period last year. The European Automobile Manufacturers' Association also reported this week that Tesla sales in 30 European countries had fallen 28% in May. That follows double-digit sales decreases for the automaker in Europe earlier this year. Tesla's sales slump could be attributed to several factors-and it's unclear what the automaker is doing to address them. Tesla faces more competition in both the U.S. and Europe as other automakers ramp up EV sales and, in the case of Europe, Chinese EV brands continue to make inroads into the market. In April, when Tesla saw a double-digit dip in year-over-year U.S. registrations, Chevrolet and Cadillac saw triple digit increases in their registrations, for example. The automaker's lineup also remains top-heavy with expensive models like the Cybertruck, as well as the aged Model S and Model X. Tesla has repeatedly put off development of a truly affordable EV that could compete with the Chevrolet Equinox EV or the upcoming Bolt EV revival. Musk's hard turn to the political right, exemplified by his recently concluded role as an advisor to the Trump Administration, has also alienated many traditional Tesla buyers, industry analysts previously told Autoblog. It's also led to boycotts and protests that will likely make new buyers harder to find. Instead of focusing on its core auto manufacturing business, Musk has led Tesla down the rabbit hole of automation. After years of hype and promises, the automaker finally launched its robotaxi service in Austin earlier this week. A pilot program uses a fleet of around a dozen Model Y crossovers to give public rides, but with human safety monitors onboard. But according to multiple reports, the National Highway Traffic Safety Administration (NHTSA) has already reached out to Tesla about numerous safety issues, including alleged speeding, random braking, and stopping in intersections for no reason. The NHTSA has already investigated Tesla for problems with driver-assist systems the automaker installs in production cars, and a lawsuit was recently filed over a fatal crash allegedly involving this tech. Related: Toyota, VW, And GM Slam The Feds Over Outdated Safety Rules Copyright 2025 The Arena Group, Inc. All Rights Reserved.
Yahoo
27-06-2025
- Automotive
- Yahoo
Tesla Just Ousted Its Head of Manufacturing. How Should You Play TSLA Stock Here?
Tesla (TSLA) shares are in the spotlight on Friday following news the electric vehicle maker has fired Omead Afshar – its vice president of manufacturing and operations. Afshar's ouster comes following months of sales declines that made TSLA lose share in key global markets. According to the latest ACEA data, the automaker's European sales were down nearly 28% in May. Dear Nvidia Stock Fans, Watch This Event Today Closely A $2 Billion Reason to Sell Super Micro Computer Stock Now 3 ETFs Offering Juicy Dividend Yields of 15% or Higher Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. Tesla stock is trading more than 11% below its recent high. While the initial response has been negative, Afshar's departure could prove positive for Tesla in the long run given it signals a proactive leadership shake-up aimed at resetting operations amid recent underperformance. With European sales slipping and global competition intensifying, removing a top manufacturing executive might signal a strategic pivot to reinvigorate execution and efficiency. TSLA shares could benefit from the announcement if markets read it as the company positioning itself for leaner, more responsive operations ahead of new product rollouts and autonomous vehicle plans. In short, the EV stock's dip Thursday on the news might reflect near-term volatility, not long-term weakness. Despite the management shake-up and continued slump in European sales, Benchmark analyst Mickey Legg says nothing currently matters more for TSLA than its recent successful launch of robotaxi services in Austin. In his latest research note, Legg argued the company's self-driving initiative set it up for future growth as he raised his price target on the EV stock to $475, indicating potential upside of another 50% from current levels. Texas is set to implement new autonomous vehicle regulations in September, which the analyst believes will pave the way for the automaker to expand its robotaxi services to more cities, leading potentially to further upside in Tesla stock. Investors should note, however, that other Wall Street analysts remain cautious on TSLA stock despite the company's blockbuster launch of robotaxi operations on June 22. The consensus rating on Tesla shares currently sits at 'Hold' only with the mean target of about $296 indicating potential downside of nearly 10% from here. On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27-06-2025
- Automotive
- Yahoo
Musk Dismissed Longtime Aide Afshar From Tesla, Reports Say
Tesla CEO Elon Musk reportedly fired his longtime aide Omead Afshar after sales in the EV maker's key markets slumped this year. The departure comes after Musk announced his intent to refocus on his companies following a backlash to his political activities. Shares of Tesla have lost roughly a fifth of their value since the start of the (TSLA) CEO Elon Musk has reportedly fired his longtime aide Omead Afshar after sales in the EV maker's key markets slumped this year. Afshar, Tesla's head of operations in North America and Europe, was let go 'amid declining sales in both regions and the electric vehicle brand's falling popularity,' Forbes reported, citing people familiar with the matter. Afshar couldn't immediately be reached for comment. He posted on X on Monday praising Musk following last weekend's robotaxi launch in Austin, Texas. 'Thank you, Elon, for pushing us all!' he wrote on the Musk-owned social media platform. The Forbes report of Afshar's termination follows a Bloomberg report that the executive, who was promoted last year, had 'left' the firm. The report also said that Jenna Ferrua, Tesla's director of human resources for North America, had left. Milan Kovac, the head of engineering for the company's Optimus humanoid robot program, left the company recently as well, according to Bloomberg. Tesla didn't immediately respond to an Investopedia request for comment. The departures come after Musk announced his intent to refocus on his companies following a backlash to his role leading the Trump administration's cost-cutting Department of Government Efficiency, or DOGE. The company is also grappling with a slump in global deliveries, with declining sales in Europe and China, which are key markets, and a fleet of older vehicles. Tesla shares, which entered Friday down almost 20% this year, were up about 1% in recent trading. CORRECTION—This article has been updated since it was first published to reflect Afshar posted on X Monday. Read the original article on Investopedia Sign in to access your portfolio
Auto Blog
27-06-2025
- Automotive
- Auto Blog
Tesla Sales Keep Falling as Elon Musk Fires Sales and Manufacturing Head
Will a Personnel Change Correct Tesla's Sales Dive? Elon Musk has fired Omead Afshar, the head of Tesla's sales and manufacturing operations in North America and Europe, Gizmodo and other outlets reported Thursday. While not officially confirmed by Tesla, Afshar's ouster would come amid declining car sales in the United States and Europe. On Thursday Bloomberg reported that Afshar, who has also worked for Musk's rocket company SpaceX as well as Tesla, had 'left' the company for unspecified reasons. Forbes then reported that Afshar had been fired by Musk, something CNBC echoed in its reporting. Tesla's lack of a functioning public relations department makes getting a clear answer more difficult. 0:02 / 0:09 Rivian R1T delivers on this EV feature that Tesla forgot Watch More Tesla Sales Continue to Nosedive Source: Tesla These reports arrive as Tesla sales continue to fall. Though it remains the largest U.S. producer of battery-electric vehicles, Tesla is saddled with large inventories of Cybertruck pickups, and the refreshed Model Y has failed to gain momentum. A pause in production at the automaker's Austin, Texas, factory, which Tesla attributes to maintenance needs, will provide an opportunity to draw down those inventories. Tesla reportedly suffered a 16% dip in year-over-year registrations in April, according to data from S&P Global Mobility, while Cox Automotive announced Wednesday that it's projecting U.S. Tesla sales to fall 21% this quarter compared to the same period last year. The European Automobile Manufacturers' Association also reported this week that Tesla sales in 30 European countries had fallen 28% in May. That follows double-digit sales decreases for the automaker in Europe earlier this year. Threadbare Lineup, Musk's Politics, To Blame? Tesla's sales slump could be attributed to several factors—and it's unclear what the automaker is doing to address them. Tesla faces more competition in both the U.S. and Europe as other automakers ramp up EV sales and, in the case of Europe, Chinese EV brands continue to make inroads into the market. In April, when Tesla saw a double-digit dip in year-over-year U.S. registrations, Chevrolet and Cadillac saw triple digit increases in their registrations, for example. Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. The automaker's lineup also remains top-heavy with expensive models like the Cybertruck, as well as the aged Model S and Model X. Tesla has repeatedly put off development of a truly affordable EV that could compete with the Chevrolet Equinox EV or the upcoming Bolt EV revival. Musk's hard turn to the political right, exemplified by his recently concluded role as an advisor to the Trump Administration, has also alienated many traditional Tesla buyers, industry analysts previously told Autoblog. It's also led to boycotts and protests that will likely make new buyers harder to find. Robotaxi Launch Not Going Well Instead of focusing on its core auto manufacturing business, Musk has led Tesla down the rabbit hole of automation. After years of hype and promises, the automaker finally launched its robotaxi service in Austin earlier this week. A pilot program uses a fleet of around a dozen Model Y crossovers to give public rides, but with human safety monitors onboard. But according to multiple reports, the National Highway Traffic Safety Administration (NHTSA) has already reached out to Tesla about numerous safety issues, including alleged speeding, random braking, and stopping in intersections for no reason. The NHTSA has already investigated Tesla for problems with driver-assist systems the automaker installs in production cars, and a lawsuit was recently filed over a fatal crash allegedly involving this tech. About the Author Stephen Edelstein View Profile
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First Post
27-06-2025
- Automotive
- First Post
Elon Musk fires one of his confidants at Tesla. Who is Omead Afshar?
Tech billionaire and Tesla CEO Elon Musk has fired one of his trusted aides, Omead Afshar. Promoted less than a year ago, Afshar served as the president for manufacturing and operations at the car company. He joined Tesla in 2017 and quickly gained Elon Musk's trust. Notably, he has been fired from his role at a time when Tesla is seeing slumping demand in Europe and North America read more Tech billionaire and Tesla CEO Elon Musk has fired one of his close aides, Omead Afshar. Afshar, who was promoted less than a year ago, served as the president for manufacturing and operations at the car company. He joined Tesla in 2017 and soon became one of Musk's most trusted team members. He was closely involved in key projects, including the Texas Gigafactory. Notably, his exit is the most recent in a series of top-level departures from Tesla in the past few weeks. STORY CONTINUES BELOW THIS AD But who is Omead Afshar? Why was he fired? Let's take a look: Who is Omead Afshar? Afshar is an American citizen born to Iranian parents. He studied Biomedical Engineering with a focus on Mechanical Engineering at the University of California, Irvine. He completed his graduation in 2009 and began his career as a ski instructor at Mammoth Mountain in California, according to International Business Times UK. Afshar joined Tesla in 2017 as a project manager in the Office of the CEO. He quickly aligned himself with Elon Musk's plans and earned the billionaire's trust, which helped him move up the ranks within the company. One of his major contributions at Tesla was leading the development of the massive 10-million-square-foot Gigafactory in Texas, a key project that boosted Tesla's growth and made Afshar as an important figure in the company's leadership. In 2022, he was named Vice President at SpaceX. Notably, his exit is the most recent in a series of top-level departures from Tesla in the past few weeks. Reuters/File Photo Afshar also played a part in Musk's takeover of Twitter and its transformation into X. He was said to have helped reduce spending at the company, supporting Musk's sharp and effective approach to restructuring, the report said. On Monday, Afshar shared on X that the robotaxi event in Austin was an 'absolutely historic day for Tesla' and added: 'Thank you, Elon, for pushing us all!' Over the years, Afshar has spoken about working long hours and holidays with Musk, especially during the push to ramp up production of the Model 3 in 2018. STORY CONTINUES BELOW THIS AD In a post from March, he recalled 'living in the factory at this time, truly 24/7.' Why was he fired? Afshar was fired from his role at a time when Tesla is facing falling demand in Europe and North America . Reports say buyers are now choosing more affordable options offered by rival companies, while Tesla's current models have started to look outdated. He quickly aligned himself with Elon Musk's plans and earned the billionaire's trust. Reuters/File Photo People familiar with Tesla's operations told Reuters that Afshar had taken on greater responsibility earlier this year while Musk focused on political matters in Washington. This year, Musk was a part of US President Donald Trump's cost-cutting campaign. Many investors and analysts believe this shift in focus took Musk's attention away from Tesla and may have put off some potential customers. Tesla's main business, making cars, is going through one of its toughest periods in recent years. Sales have dropped across several markets, with growing competition, an ageing product line, and criticism of Musk's links to Trump all contributing to the decline. In the first quarter of this year, Tesla's global vehicle deliveries dropped by 13%, and profits fell by 71%. The downward trend seems to be continuing. Tesla's sales in the European Union were down 40% in May, The Wall Street Journal reported. Data from the European Automobile Manufacturers Association, shared on Wednesday, showed that buyers are switching to local brands and lower-cost Chinese electric cars. STORY CONTINUES BELOW THIS AD CNBC reported that Tesla's stock is down 19% this year, performing worse than the Nasdaq and many other top tech firms. On Sunday, Tesla rolled out self-driving taxis in Austin, Texas. But analysts have raised concerns that plans to expand into more cities could run into trouble due to questions over safety and the current state of the technology. Afshar's exit is part of a broader shake-up that has seen many senior staff leave Tesla over the past 14 months. These changes come as the company cuts thousands of jobs and shifts its focus towards artificial intelligence, self-driving systems, and robotics. Those who have left recently include top figures in robotics, battery development, and public policy. Milan Kovac, head of the Optimus robot team, announced his exit this month. Battery chief Vineet Mehta left in May.
