## Tesla Promotes Michael Snyder to VP of Energy and Charging Amid Leadership Shakeup
Tesla Inc. (TSLA) is continuing to shake things up at the executive level, promoting Michael Snyder to the position of Vice President of Energy and Charging. This move comes as the company’s energy segment continues to shine, delivering impressive results in the third quarter.
Snyder, who joined Tesla back in 2014, most recently served as Senior Director for Megapack product. Megapack is a powerful battery manufactured by Tesla, alongside its home battery, Powerwall. During the third quarter, Tesla’s energy generation and storage revenue surged by 52% year-over-year, reaching $2,376 million. This growth was accompanied by a record gross margin of 30.5% for the energy business and record deployments of the Powerwall product.
Tesla is actively expanding its energy storage capabilities. The company operates a Megafactory in Lathrop, California, with the capacity to produce 10,000 Megapack units annually. A second Megafactory in Shanghai is also on the horizon, expected to begin shipping Megapacks in the first quarter of 2025. Looking ahead, Tesla expects to double its energy storage deployment in 2024, reaching approximately 29.4 GWh of energy storage.
Snyder’s promotion is not an isolated incident. Tesla has been making a series of leadership changes in recent weeks, reflecting a broader restructuring effort. Omead Afshar has been appointed Vice President of Sales and Manufacturing, overseeing senior executives in North America and Europe. Ashok Elluswamy, previously Director of Autopilot Software, has been promoted to Vice President of AI Software. Milan Kovac, former Director of Optimus and Autopilot Engineering, now holds the position of Vice President of Optimus. Wes Morrill, who led the engineering efforts for the Cybertruck, has been named Senior Director of Engineering- Reliability, Test, and Analysis.
These promotions follow a period of significant personnel movement at Tesla. Earlier this year, the company laid off employees and saw several senior executives depart, including Senior Director of Charging Infrastructure Rebecca Tinucci, AI Manager Paril Jain, Director of New Product Introduction Daniel Ho, Senior Vice President of Powertrain and Energy Engineering Drew Baglino, and Vice President of Public Policy and Business Development Rohan Patel.
Tesla’s stock price surged nearly 22% on Thursday following the release of its third-quarter results, closing the day at $260.48. Year-to-date, the EV giant’s shares have increased by 4.9%. This strong performance reflects investor confidence in Tesla’s ongoing growth and its commitment to innovation in the electric vehicle and energy storage markets.
The recent leadership changes at Tesla signal a continued focus on the company’s core strengths and its ambition to be a leading player in the transition to sustainable energy solutions. With its commitment to expanding its energy storage capabilities and a strong team of executives at the helm, Tesla appears well-positioned to capitalize on the growing global demand for clean energy technologies.
