Tesla’s CFO, Zachary Kirkhorn, is leaving the firm. He was previously considered a prospective replacement for CEO Elon Musk.
A report shows that although the electric car manufacturer gave no explanation, Kirkhorn revealed his departure from Tesla in a LinkedIn article, writing that he had been replaced as CFO by Vaibhav Taneja. After more than 13 years with the organization, he feels a special sense of pride for his contributions. He added his appreciation for Musk’s visionary leadership.
During his time at the helm, Tesla achieved a market price of over $1 trillion, delivered the Model 3 tiny automobile to the masses, and earned its first quarterly profit.
Earlier this year, it was reported that Kirkhorn had been evaluated as a replacement for Musk, as investor anxiety over the absence of an established succession strategy had increased. To ensure a seamless transfer, he will stay with the firm until the end of the year.
Vaibhav Taneja, originally from India and now the chief accounting officer, will succeed Kirkhorn as CFO. He is called the “Master of Coin” at the corporation.
It has been reported that to increase sales and market share, Tesla has lowered the pricing of its cars this year, putting a strain on the company’s already slim profit margins. As Musk has said, “turbulent times” have arrived, and the increased cost of borrowing money is hurting the sales of electric car manufacturers, so additional price cuts are likely.
According to the Tesla website, the Model 3 and the Model Y are eligible for a $7,000 federal tax credit. After December 31st, it’s expected that tax credits will be lowered.
Couples filing taxes together may claim $300,000, $225,000 for head of household, and $150,000 for everyone else.
At delivery time, the vehicle’s MSRP cannot exceed the limits shown. Any hardware-based add-ons, software features, accessories, fees, and taxes, are included. Model 3 is $55,000, and Model Y is $80,000.
The website also notes that the customer’s financial circumstances will determine whether or not they qualify for any of the available tax credits and suggest getting in touch with a tax expert to learn more.