Prime Mover Magazine

Tesla CTO steps down during Q2 2019 report

US-based automotive and energy company, Tesla, posted a revenue of $6.3 billion USD ($9 billion AUD) and a net loss of $408 million USD ($585.2 million AUD) for Q2 2019.

Tesla’s cash balance reportedly reached new heights in the second quarter in part due to a capital raise in May. By the end of Q2, Tesla had a record $5 billion USD ($7.1 billion AUD) in cash and cash equivalents.

“This level of liquidity puts us in a comfortable position as we prepare to launch Model 3 production in China and Model Y production in the US,” Tesla said in a statement.

Tesla has opted to maintain a production schedule of 360,000 to 400,000 vehicles in 2019.

Tesla CEO, Elon Musk, announced during the second-quarter earnings call that Chief Technology Officer (CTO), JB Straubel, would be transitioning from his active duties and taking a senior advisor role in the business.

Drew Baglino, Tesla Vice President of Technology, will take Straubel’s place as Tesla’s full-time CTO.

“I’m not disappearing, and I just wanted to make sure that people understand that this was not some, you know, lack of confidence in the company, or the team, or anything like that,” said Baglino.

Straubel was the engineer behind the company’s battery technologies with Musk being Tesla’s primary investor. Prior to his work at Tesla, Musk had already been funding Straubel’s research in lithium-ion batteries for electric vehicles.

Tesla reported in April that the production of its Class 8 truck will commence in 2020.

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