Tesla Motors, Inc.TSLA has hired Ganesh Srivats as the vice president for North American sales. Srivats has previously worked at British luxury fashion house, Burberry, as a business development manager from 2004 to 2007 and in various executive roles, including senior vice president, from 2009 onward. He has been working at Tesla from May 2015.
Tesla is known for its stylish cars and is more of a luxury brand. Thus, the hiring of a vice president experienced in serving a premium luxury brand makes sense.
Srivats was hired after Tesla shifted the previous vice president of global sales and service, Jerome Guillen, to another role, earlier this year. The electric carmaker will now have separate vice presidents to head the sales of three regions - North America, Europe and Asia.
The market has reacted positively to the news of the hire. Shares of Tesla climbed 2% to an intraday high of $263.00 on Friday, before closing lower at $259.15, up 0.5% over the previous closing price.
Tesla currently carries a Zacks Rank #3 (Hold). Better-ranked automobile stocks include The Goodyear Tire & Rubber Company GT , PACCAR Inc. PCAR and U.S. Auto Parts Network, Inc. PRTS . U.S. Auto Parts currently sports a Zacks Rank #1 (Strong Buy), while both Goodyear and PACCAR carry a Zacks Rank #2 (Buy).