KATHMANDU: Robyn Denholm, the Chairperson of Tesla’s Board of Directors, has denied reports suggesting the company is seeking a new CEO to replace Elon Musk.
Responding to a report published by The Wall Street Journal, Denholm wrote on Tesla’s official page on X (formerly Twitter) that the claims were “absolutely false”.
She affirmed that Elon Musk remains the CEO of Tesla and said that the board is “highly confident in his ability to continue executing on the exciting growth plan ahead”.
The speculation followed a sharp profit decline in Tesla’s recent financial results. The company reported a 71% drop in quarterly profit, prompting Musk to assure stakeholders that he would dedicate more time to Tesla and reduce his involvement in other roles, including advisory duties in Washington.
Earlier today, there was a media report erroneously claiming that the Tesla Board had contacted recruitment firms to initiate a CEO search at the company.
This is absolutely false (and this was communicated to the media before the report was published).
The CEO of Tesla is…
— Tesla (@Tesla) May 1, 2025
Musk’s engagement with the Trump administration and support for certain political movements in Europe has raised concerns among investors and EV buyers. Protests have been reported at Tesla dealerships, and analysts cite political controversies as one of several factors contributing to a decline in sales.
In the first quarter of 2025, Tesla’s revenue declined by 9% to $19.3 billion. The automaker is also facing increased competition from global players such as BYD, General Motors and Volkswagen, who continue to expand their electric vehicle offerings.
Tesla’s current product lineup remains limited, with the Model Y SUV and Model 3 sedan making up the bulk of its sales. The recently launched Cybertruck has not met sales expectations.
Despite the challenges, the board’s leadership has reiterated its support for Musk and remains focused on the company’s long-term growth
strategy.
Although Tesla cars are not officially sold in Nepal, a few Model 3 and Model Y units ply on Nepali roads, and the brand is popular among a small group of EV enthusiasts.
