A Tesla Model X at the 2016 Geneva Motor Show Harold Cunningham, Getty Images

Tesla Hires Audi Assembly Vet as VP Exodus Continues

Tesla Motors has lost five VPs or their equivalents already this year, including the former global production chief, which seems like a problem given the aggressive planned growth rate (from 50,000 cars in 2015 to 1 million by 2019?!).

Tesla Motors Inc.  hired Audi AG’s Peter Hochholdinger to help oversee production as it seeks to boost vehicle output about 10-fold by 2018.

Hochholdinger will be vice president of vehicle production, Tesla announced in an e-mailed statement. He’ll be expected to boost production of Model S and Model X cars while building a manufacturing program for the new Model 3, Tesla said.

“Tesla is excited to have Peter join the team,” the company said in the statement.

Tesla CEO Elon Musk stunned investors last week when he announced that the company aims to make 500,000 vehicles by 2018 — two years sooner than originally planned. Tesla delivered just 50,658 vehicles in 2015. Vehicle output might reach 1 million by the end of the decade, Musk said on the first-quarter earnings call.

Tesla’s production ambitions aren’t playing well on Wall Street. Barclays Plc analyst Brian Johnson has projected a $3 billion equity offering in the second quarter, calling Tesla “more of a cash-hungry startup unicorn than a traditional public company.” The shares fell 13% this year through Friday, pointing toward the first full-year drop since Tesla’s initial public offering in 2010.

Two top manufacturing executives, including Tesla’s global production chief, already are leaving the automaker. Those changes, which were disclosed earlier this month, pushed the number of vice president-level departures this year to five.

Hochholdinger spent 22 years working across the Audi manufacturing chain and was responsible for leading the production of the A4, A5 and Q5 vehicles, according to Tesla’s statement. Audi is the luxury-car manufacturer owned by Volkswagen AG.

Tesla makes the all-electric Model S sedan and Model X SUV on a shared assembly line in Fremont, California. The Model X’s rollout has been marred by consumer complaints about sensors on the falcon-wing doors, and 2,700 Model X vehicles were recalled over safety concerns with the third-row seats.

By Dana Hull

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