Tesla’s (TSLA) plant manager at its Shanghai plant, Song Gang, has left the company, according to a letter to his staff accessed by Reuters on Wednesday. Song, who had managed Gigafactory Shanghai since 2018, informed employees that Wednesday would be his last day at the company. The EV major’s Shanghai plant is the company’s largest factory by output, which also serves as an export hub for Europe and Southeast Asia.
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Song Expresses Gratitude for his Time at TSLA
In his farewell note, Song expressed gratitude for his time at Tesla, writing, “Today is my last day at Tesla, and I feel extremely fortunate to have worked and fought with everyone on this plot of land.” While the reasons for Song’s departure remain unclear, his exit coincides with the company placing its Shanghai expansion plans on hold.
According to a Bloomberg report, Fei Wenjin, who was recently promoted to senior director, will temporarily take over Song’s responsibilities.
Song was also among a group of Tesla Shanghai executives who traveled to the company’s factories in California and Texas in 2022 to address production challenges.
What Is the Prediction for Tesla Stock?
Analysts remain sidelined about TSLA stock, with a Hold consensus rating based on 13 Buys, 12 Holds, and nine Sells. Over the past year, TSLA has surged by more than 90%, and the average TSLA price target of $287.10 implies a downside potential of 40.2% from current levels.
