Tesla Fires Top Executive Omead Afshar as EV Sales Slump in U.S. and Europe
Tesla (TSLA, Financials) dismissed Omead Afshar, one of Elon Musk's most trusted executives, as the company faces falling electric vehicle sales in its key North American and European markets; the leadership shakeup comes days before the end of Q2 and amid signs of deepening trouble at the EV giant.
Afshar, a Tesla veteran since 2011 and once dubbed Musk's fixer, was promoted in October to lead regional operations. His exit follows a 15% sales drop in China in May, five months of shrinking deliveries in Europe, and a projected 10% global decline for the quarter ending June 30. Tesla stock fell 3.8% Wednesday to $327.55 and is now down 19% in 2025.
Musk's pivot away from new EV models toward speculative ventures like robotaxis and humanoid robots is drawing scrutiny from investors. Tesla's limited robotaxi pilot in Austin launched June 22 but showed signs of immaturity: the vehicles operated in a narrow zone with human safety drivers, and multiple erratic incidents have prompted a review by the National Highway Traffic Safety Administration.
Despite the hype, Tesla still generates nearly all its revenue from electric vehicles, batteries, and charging infrastructureleaving analysts wary of its ability to compete with aggressive Chinese automakers in a softening global market.
This article first appeared on GuruFocus.
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Continuous basalt fiber offers a superior combination of tensile strength, corrosion and thermal resistance, and lightweight characteristics compared to traditional alternatives like steel and some regulatory pressures for fuel efficiency and emissions grow, particularly in automotive and aerospace sectors, manufacturers are increasingly turning to basalt fiber for its optimal strength-to-weight ratio. In the construction industry, its application in concrete reinforcement and road surfacing is gaining momentum due to its durability, cost-effectiveness, and eco-friendly profile. These factors collectively support the robust demand for basalt fiber across expanding industrial Market Challenges Slower Commercial AdoptionDespite its superior material properties, the market faces a key hurdle in the slow pace of commercial adoption. 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Its application in reinforcing concrete, roads, and bridges is expanding rapidly, especially in Asia-Pacific and the Middle East, supported by the global move toward sustainable construction solutions. As both public and private sectors look for cost-effective, durable alternatives to conventional materials like steel and fiberglass, basalt fiber is increasingly being integrated into civil engineering practices, contributing to a significant year-over-year growth in demand. Key Attributes: Report Attribute Details No. of Pages 180 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $1.27 Billion Forecasted Market Value (USD) by 2030 $2.34 Billion Compound Annual Growth Rate 10.5% Regions Covered Global Report Scope: Key Market Players Basalt Fiber Tech Kamenny Vek Company Shanxi Yaxin Group China National Petroleum Corporation (CNPC) Pultron Composites Limited Basalt Fiber Solutions Technobasalt LLC Merino Group Continuous Basalt Fiber Market, By Product Type: Roving Chopped Strands Fabrics Others Continuous Basalt Fiber Market, By Processing Technology: Pultrusion Vacuum Infusion Texturizing Stitching & Weaving Others Continuous Basalt Fiber Market, By End-User: Construction Transportation Industrial Others Continuous Basalt Fiber Market, By Region: North America United States Canada Mexico Europe France United Kingdom Italy Germany Spain Asia-Pacific China India Japan Australia South Korea South America Brazil Argentina Colombia Middle East & Africa South Africa Saudi Arabia UAE Kuwait Turkey For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Continuous Basalt Fiber Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
