Tesla Motors Inc. has hired a former Burberry executive to lead its North American sales. Ganesh Srivats replaces Gerome Guillen, who earlier this year switched to a services role at the electric-car maker. The hiring “further validates that (Tesla) is not an automotive company,” Trip Chowdhry, an analyst with Global Equities Research, said in a note. Tesla shares were poised to end the week down nearly 8%, hit by two rating downgrades earlier in the week. The stock is up 16% so far this year, which compares with gains for 0.4% for the S&P 500 Index .
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