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Tesla’s board of directors has begun searching for a successor to Elon Musk as chief executive officer of the electric vehicle manufacturer, according to sources familiar with the matter.
The board initiated the process after Musk has increasingly devoted his attention to other companies, including his artificial intelligence startup xAI, social media platform X (formerly Twitter), and space exploration company SpaceX.
The search remains in early stages, and no candidates have been formally approached yet. The board is considering both internal executives and external industry leaders with experience in manufacturing and technology sectors.
Musk, who has led Tesla since 2008, would likely remain as chairman and retain significant influence over the company’s strategic direction even after stepping down as CEO, the sources indicated.
Tesla has faced growing challenges in recent quarters, including increased competition in the electric vehicle market, declining sales growth, and delays in new product launches. The company’s stock has experienced volatility as investors question its valuation relative to traditional automakers.
The potential leadership change comes at a critical time for Tesla, which is working to expand its vehicle lineup, scale its energy business, and advance autonomous driving technology. The company recently delayed plans for a more affordable vehicle model and has faced regulatory scrutiny over its driver assistance systems.
Tesla and Musk have not publicly commented on the succession planning process. The company’s governance structure has previously been criticized by some investors for allowing Musk significant control while dividing his time across multiple ventures.
The electric vehicle market has evolved considerably since Tesla pioneered mass-market electric cars, with traditional automakers and numerous startups now offering competitive electric models across various price segments.
This article first appeared on Autocar
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