Tesla Inc.'s (NASDAQ:TSLA) Cybertruck, as well as the Model 3 program manager, announced his departure from the company amid poor sales figures.
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Eight Years At Tesla
Taking to the social media platform X on Sunday, Tesla's Cybertruck and Model 3 Program Manager, Siddhant Awasthi, announced his departure from the EV giant. "I recently made one of the hardest decisions of my life to leave @Tesla after an incredible run," Awasthi said.
He was with the automaker for eight years, working on "Giga Shanghai, developing new electronics and wireless architectures, and delivering the once-in-a-lifetime Cybertruck," he said in the post.
Cybertruck's Poor Sales
The news comes as Tesla has been struggling to sell Cybertrucks, with Elon Musk's other business ventures, namely SpaceX and xAI, stepping in to buy hundreds of Cybertruck units.
Tesla is now on course to sell 20,000 to 25,000 units of the electric truck annually. The figure is a far cry from the planned 250,000 annual capacity for the pickup truck that Tesla had planned.
Elon Musk's Pay Package Receives Approval
Meanwhile, Musk's trillion-dollar pay package received approval from shareholders during the company's annual meeting last week, with over 75% of the investors voting in favor of the package.
Elsewhere, demand for EV pickup trucks could be on a downward trend in the U.S. as Ford Motor Co. (NYSE:F) is reportedly planning to scrap production of the F-150 Lightning EV Pickup truck, which is the best-selling electric pickup in the market.
Tesla scores well on Momentum and Quality metrics, while offering satisfactory Growth, but poor Value. Tesla also has a favorable price trend in the Short, Medium, and Long term. For more such insights, sign up for Benzinga Edge Stock Rankings today!
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