Connect with us

Published

on

Another Tesla director is leaving the company, amid an exodus of top talent over the last few months.

The director in question this time is Rohan Ma, who was responsible for Tesla’s “Autobidder” software.

Autobidder is a software platform that coordinates energy trading, which works alongside Tesla’s Energy products, like Powerwalls and Megapacks, to sell energy to the grid in real time.

Software like this is what allows grid-tied batteries to buy and sell from the grid, and help the owners of those batteries to make money by arbitraging energy – storing it when it’s cheap and plentiful, and selling it when it’s expensive and demand is high.

Not only does it help make money for battery owners who provide these grid services, but it helps to balance the grid during unstable times of very high demand or when supply is constrained (due to weather, generation plant shutdowns, or the like). It’s also a solution to the oft-repeated “intermittency” problem of solar and wind.

As of 2023, Autobidder made over $330 million in profits for the owners of the then-7GWh battery capacity that was available under its purview. Our last update on Autobidder profits came about a year ago, so surely more has been made since then.

But that update, at the time, came courtesy of Rohan Ma – the very director who announced his retirement from Tesla this week.

He announced his decision in a LinkedIn Post, where he mentioned his pride in contributing to Tesla Energy, thanked his colleagues, and said he has no plans for the future yet:

After eight years at Tesla, this will be my last week. It was a ride of a lifetime!

Today, Tesla Energy is thriving and I can confidently say it’s in the best position it has ever been in to drive impact toward the original mission I signed up for. I’m proud to have contributed over the years to where it is now, and will be cheering the team on from the sidelines as they carry the torch forward and continue to relentlessly solve problems at the frontier of the energy transition.

I want to thank all of my Tesla colleagues, past and present. It was a privilege to work alongside such incredibly resilient, committed and capable people all these years. I’m also grateful to our Autobidder customers, particularly those who partnered with me when it was just an idea on a white board. I always felt grateful for the responsibility of demonstrating what energy storage is truly capable of achieving in electricity markets, and without the trust of our partners and customers, that would never have been possible. Lastly, Drew Baglino, thank you for betting on me and bringing your vision, intellect and relentless optimism to us all over the years.

As for me, I have no plans yet for my next chapter, which is both thrilling and a bit terrifying. I’m looking forward to reconnecting with many of you in the coming months and learning more about what’s going on out there before hunkering down to build again.

The departure follows a string of other high-profile departures from Tesla.

Notably, Drew Baglino, the one person who Ma mentions by name in his departure post, left in April of this year, alongside Tesla’s announcement that it will lay off “more than 10%” of its global workforce. Baglino had been the top engineer at the company and had worked at Tesla for 18 years.

In the last few months Tesla also lost policy head Rohan Patel, Supercharger lead Rebecca Tinucci (and her entire team), program manager for Model S/3/Y Daniel Ho, investor relations head Martin Viecha, ad team leader Alex Ingram (and his entire team), head of product launches Rich Otto, and more, many of which seem connected in some way to Tesla’s massive layoffs. Around a year ago, the company lost CFO Zach Kirkhorn and senior engineer Colim Campbell as well.

While it’s no surprise for there to be turnover at companies, especially one as large as Tesla, the temporal proximity of departures of longtime and influential employees is worth noting. Tesla’s corporate governance page has become more and more sparse over time, with now only a single C-level executive listed on the site (CFO Vaibhav Taneja – as for CEO Elon Musk, he instead refers to himself as “Technoking”).

Electrek’s Take

We’ve mentioned several times the disturbing direction that Tesla is going with its leadership, with many longtime leaders departing or being fired.

It seems to be a pattern – and we believe that the pattern has to do both with Musk intentionally isolating himself at the top, and making himself seem more necessary to the organization (perhaps related to the shareholder compensation vote), and also related to executive reactions to this leadership behavior.

The company’s direction seems to have changed sharply in recent years, with Musk seeming to lose interest in electric cars and environmental protection and instead doubling down on big, likely unreachable promises for the near future. Not to mention his social media distractions.

For longtime employees who led the charge towards sustainable transport – which is Tesla’s mission, after all – this recent lack of focus on the mission must be discouraging. It’s certainly been discouraging to us here at Electrek, as our mission is also to move to more sustainable transport, and we see the change in Tesla’s strategy, as Fred wrote about yesterday in his excellent article about why he divested from Tesla (TSLA).

Most of these executives haven’t said they’re leaving for this reason, but that’s not the kind of thing that leaders usually say publicly when they leave a job. Everyone wants to put on a nice face and not talk bad on their previous employer, which is understandable. But Rich Otto did say that he left due to low morale in May, and that it was “hard to see the long game” in recent leadership decisions.

While Ma didn’t say anything similar in his departure note, the fact that he thanked only one former executive by name – Drew Baglino, who left earlier this year – and not the chief executive who is still the titular head of the company, may suggest there is some latent dissatisfaction with the direction of the company.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Chevron sees no signs that U.S. is close to a recession, CEO says

Published

on

By

Chevron sees no signs that U.S. is close to a recession, CEO says

Chevron CEO Mike Wirth: No signs that we're in or close to a recession at this point

Chevron is not seeing signs that the U.S. is close to a recession even as President Donald Trump’s tariffs weigh on expectations for oil demand, CEO Mike Wirth said Tuesday.

“There’s no signs that we see at this point that we are in or close to a recession,” Wirth told CNBC’s “Squawk Box.” “There are signs that growth may be slowing and we have to always be prepared for that.”

The International Monetary Fund on Monday cut its growth outlook for the U.S. this year to 1.8%, down from 2.7% previously.

The oil market is expecting reduced demand as a consequence of Trump’s tariffs and the decision by OPEC+ increase production faster than expected, Wirth said. Chevron isn’t changing its capital spending plans in response to drop in prices, the CEO said.

U.S. crude oil prices have fallen about 11% since Trump announced his tariffs on April 2. West Texas Intermediate was last up about 72 cents at $63.80 per barrel. OPEC and the International Energy Agency have cut their demand outlooks for this year.

Wirth said U.S. onshore oil production in patches like the Permian Basin is likely to pull back if prices hit $60 per barrel. Offshore production likely won’t be affected, he said.

“That’s an area where if we were to be at a $60 price or even lower you’re likely to see activity pull back in this sector and you’ll see the production response over a few months,” Wirth said. “That’s what we should watch, not so much the deep water activity.”

Chevron is not expecting a major direct impact on its business from Trump’s tariffs as energy has largely been exempt from the levies, Wirth said.

“The effects that we feel are likely to be more the macroeconomic effects as they flow through the economy,” Wirth said. “The bigger issues would be what would it mean for growth, and global trade and how does that evolve.”

Executives at oil and gas companies were scathing in their criticism of Trump’s tariffs in an anonymous March survey by the Federal Reserve Bank of Dallas, warning that steel tariffs were raising their costs and low prices could impact their activity.

Get Your Ticket to Pro LIVE

Join us at the New York Stock Exchange!

Uncertain markets? Gain an edge with CNBC Pro LIVE, an exclusive, inaugural event at the historic New York Stock Exchange. In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12.

Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles, and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!

Catch up on the latest energy news from CNBC Pro:

Continue Reading

Environment

Billionaire battle: Bezos’ $25K Slate EV breaks cover ahead of Tesla earnings call

Published

on

By

Billionaire battle: Bezos' K Slate EV breaks cover ahead of Tesla earnings call

Little is known about super-secretive EV startup Slate, but the fledgling brand is rumored to be backed by Jeff Bezos and determined to shake up the existing electric order with an affordable lineup of compact SUVs and pickups with that golden $25,000 price tag.

Now, at least, we know what it’s gonna look like. The battle of the billionaires is on!

Redditor jonjopop over at the spotted subreddit spotted what looks like an early prototype of an unbranded SUV with bizarre “CryShare” wrap. CryShare, as a concept, seems to combine the functionality of a ride sharing app like Uber or Lyft with the familiar (to parent, anyway) idea that small babies will often sleep better in a moving car than in their own cribs … but that’s not what’s important here.

Instead, focus on the vehicle itself – parked on Abbot Kinney Boulevard in Los Angeles without explanation or fanfare, this is our best look yet at the kind of vehicle(s) Slate is likely to reveal in the coming days.

Advertisement – scroll for more content

Stumbled upon the Bezosmobile [Slate Automotive…idk?] being revealed with an absolutely bizarre marketing campaign
byu/jonjopop inspotted

Other local automotive journalists caught wind of the public unveiling, too – and our friends at The Autopian (Hi, Matt!) sent their own David Tracy out on the streets of LA to check it out. Tracy took the following video and posted it to Instagram.

The Slate breaking cover and causing buzz just ahead of what’s sure to be a painful Q1 earnings call for Tesla is a masterstroke of marketing – especially as doubts surrounding the viability of a “less expensive” Tesla Model Y or Model 3 continue to mount amid the uncertainty of Trump’s tariffs and declining sales of the brand’s more profitable models both at home and abroad.

As with so much involving Slate, however, there is nothing here written in stone – or even cast in cheese. Nothing has been announced, nothing is promised, and for all we know this might have more to do with the affordable Rivian brand launch, a new BYD, or be a viral marketing bit from some local Art Center design student in (relatively) nearby Pasadena. In fact, about the only thing I think we can say about Bezos (?) new Slate project with confidence today is this: Elon could probably use that drink.

SOURCES | IMAGES: Reddit, The Autopian.


If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Gold tops $3,500 an ounce as Trump attack on Fed shakes confidence in U.S.

Published

on

By

Gold tops ,500 an ounce as Trump attack on Fed shakes confidence in U.S.

Gold prices rebounded on Tuesday from a near four-week low reached in the previous session, as heightened concerns over the global trade war between the United States and its key trading partners lifted investor appetite for safe-haven assets.

Chris Ratcliffe | Bloomberg | Getty Images

Gold prices rallied Tuesday, hitting a record as President Donald Trump‘s repeated threats against the Federal Reserve’s independence have shaken investors and undermined confidence in the U.S.

Gold futures hit a session high of $3,509.90 per ounce Tuesday, after closing at a record $3,425.30 on Monday. The precious metal was last up 1.1% at $3,463.20. Gold has rallied about 31% since the start of the year and more than 9% since Trump announced sweeping tariffs on April 2.

Trump ratcheted up his public pressure campaign against Federal Reserve Chairman Jerome Powell on Monday, demanding he immediately lower interest rates and attacking him as a “major loser.” Equity markets sold off in response, with the Dow Jones Industrial Average falling more than 970 points.

Gold is viewed as a safe-haven asset in times of economic uncertainty. Central banks around the world have been adding to their gold reserves, supporting the precious metal’s rally this year.

“Gold has continued to serve as an effective hedge amid ongoing trade uncertainty,” analysts led by Mark Haefele, global wealth management chief Investment officer at UBS, told clients in a Tuesday note.

“Despite this strong performance, we see further upside potential,” Haefele said. “We continue to see support from investment demand, ongoing central bank diversification and a volatile macro backdrop.”

Get Your Ticket to Pro LIVE
Join us at the New York Stock Exchange!

Uncertain markets? Gain an edge with CNBC Pro LIVE, an exclusive, inaugural event at the historic New York Stock Exchange. In today’s dynamic financial landscape, access to expert insights is paramount.

As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12.

Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!

Don’t miss these insights from CNBC PRO

Continue Reading

Trending