Tesla has parted ways with director of manufacturing Jatinder Dhillon, according to a new report.
Dhillon recently left the carmaker after a seven-year tenure that culminated with his role as manufacturing director, CNBC reported on Tuesday. Dhillon led Model 3 manufacturing in Tesla's Fremont, Calif. factory prior to his departure. Tesla (TSLA) - Get Tesla Inc Report shares closed 6.14% higher on Tuesday to $645.33 amid a broader market recovery following Monday's selloff.
The reason for Dhillon's departure isn't immediately clear.
He is credited with ramping up Tesla's Model 3 production -- a rocky but ultimately successful process that had the company assembling cars in a tent at one point. Tesla manufactured 104,891 vehicles total in the fourth quarter.
After hitting a high over over $900 per share in mid-February, Tesla shares have sunk 30% in recent weeks primarily on the spread of coronavirus, which damaged its China production and sales this quarter. That was compounded by plunging oil prices on Monday, which fueled the worst market selloff since 2008 as well as speculation that electric vehicles would be less appealing given availability of cheap gas.
On Monday, Tesla CEO Elon Musk tweeted congratulations to the company for producing its one-millionth vehicle.
Stabilus SBLUY ADRs rose 60 cents, or 7.27%, to $8.85.