Tesla’s Indian-Origin CFO Will Retire, Stocks Fell After Hours

Jyotis - Jan 31, 2019

About 140,000 Model 3 cars were shipped to customers, making this model one of the most favourite premium vehicles in the US market last year.

According to a report from Tesla, the company earned a profit of $139 million in the Quarter 4 2018, and its revenue hit a new record, $7.2 billion. However, right after that, Elon Musk, its CEO and founder, revealed the shocking news: Deepak Ahuja, the Chief Financial Officer (CFO) of Tesla will retire in the coming time.

Elon Musk, Deepak Ahuja, & other Tesla employees

On January 30, when conducting an earnings call, Elon Musk said to the analysts that Ahuja wouldn’t retire immediately. In fact, he would keep working as a senior adviser for Tesla.

Only after hours, in the trading, Tesla’s shares reduced approximately 5 per cent. The announcement also pointed out the Vice President of Finance, Zach Kirkhorn, would hold Ahuja’s current position.

He used to work at the Tesla’s headquarters in San Carlos, quitted work four years ago, and returned the company in 2017.

After nearly one month, the Chief Accounting Officer of Tesla has stopped working for Tesla.

As per the company, along with the Model 3’s success, its revenue reached $21.4 billion for the whole year. That means the electric car manufacturer has set up another record.

About 140,000 Model 3 cars were shipped to customers, making this model one of the most favorite premium vehicles in the US market last year. And hence, Tesla has become the first American car manufacturer to keep its top spot for decades.

Since the first month of 2019, the company has implemented the first steps to construct Gigafactory Shanghai.

According to Tesla, “Local manufacturing is an essential component of our ability to provide to customers in the region a truly affordable version of Model 3.”