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July 25, 2019 11:30 am

Tesla Co-Founder and CTO JB Straubel Is Stepping Down

Tesla co-founder and CTO JB Straubel is stepping down as an executive at the automaker, CEO Elon Musk announced during a conference call with analysts Wednesday. Drew Baglino, vice president of technology, will take over his duties, Musk said. Straubel will stay on in a senior advisor role. TechCrunch reports: "I want to thank JB for his fundamental role in creating and building Tesla," Musk said during the call. "If we hadn't had lunch in 2003, Tesla wouldn't exist, basically," Musk added. Straubel described his time at Tesla as an adventurous 16 years. "I'm not disappearing, and I just wanted to make sure that people understand that this was not some, you know, lack of confidence in the company or the team or anything like that," Straubel said, adding that he loves the company. Straubel's role at Tesla cannot be understated. The executive was responsible for some of the company's most important technology, notably around batteries. His understated yet steady presence along with his technological acumen gave provided stability even when its CEO became embroiled in controversy. Straubel is involved in another company called Redwood Materials, which emerged in 2017. An SEC filing in 2017 details a $2 million initial investment in the Redwood City, Calif.-based company that describes itself at its site as focused on "advanced technology and process development for materials recycling, remanufacturing, and reuse." In the second quarter of 2019, Tesla "built 87,048 EVs and delivered 95,356 of them," reports Ars Technica. "However, the company lost $408 million over the same three months according to the latest earnings report. Although it's the second loss-making quarter in a row, it's still an improvement of Q1 2019."

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