Tesla CFO Ahuja's Retirement Stuns Wall St

02 February, 2019, 17:45 | Author: Billie Castillo
  • Shares of Tesla declined following the surprise replacement of its chief financial officer

Shares of Tesla stock traded up $4.18 during trading hours on Friday, reaching $311.20.

According to his LinkedIn profile, Ahuja's mooted replacement, Zach Kirkhorn, has no public accountancy background and appears to be in his mid-30's.

Tesla just began delivering the Model 3 in Europe and China, where Musk said there is strong demand. He also said that they are expecting very attractive rates based on their dialogue with lots of interest.

"We have to be relentless about costs in order to make affordable cars and not go bankrupt", said Musk on a conference call with analysts.

In an official blog post, Musk said that the electric vehicle maker company will not initiate a lawsuit against those who'd use the patented technology for a good cause.

Musk remained upbeat about the company's prospects and sales, saying that while 2018 was a challenging year, it also was the most successful. But steady hard work by the company has seen the company gradually reduce its losses, and it finished the year with $3.7 billion in cash.

The company estimated that Model 3 production at its Freemont plant will rise to 7,000 cars, and its Shanghai factory will build 3,000 Model 3s weekly by year's end.

Tesla Inc shares fell on Thursday as Wall Street wondered if demand for its mass market Model 3 sedan could be sustained while it tries to make substantial inroads in China. "The inhibitor is affordability".

Musk estimated that the originally promised $35,000 (estimated Rs 24.90 lakh) Model 3 would likely be introduced sometime in mid-2019 - the current model retails with a starting price of $44,000 (approximately Rs 31.31 lakh).

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It may be similar to the Model 3, but Musk said to expect 50 percent higher cost - even double.

FILE PHOTO: A 2018 Tesla Model 3 electric vehicle is shown in this photo illustration taken in Cardiff, California, U.S., June 1, 2018.

In fact, he suggested that Tesla may start building some earlier in the year in low volumes, with production ramping up as an assembly line planned for the company's Gigafactory in Nevada comes up to speed.

Tesla, Inc. registered $15.96 million net activity with 1 insider buy and 12 selling transactions since October 1, 2018.

Nicholas Hyett, equity analyst at Hargreaves Lansdown, said: 'The run up to these results has been unusually eventful. Tesla recently laid off some of the Model S and Model X staff and discontinued the cheapest versions of these vehicles.

In the fourth quarter, customer deposits decreased by $113 million from the prior quarter to $793 million. "Turning a profit, creatively addressing challenges and getting the Model 3 to the masses were huge milestones, but keeping up this momentum is virtually impossible", she said.

Asked about Model 3 reservations, Ahuja said that number was "not relevant". The Model 3 alone accounted for 140,000 of those deliveries.

Further in his series of tweets posted on Thursday, Musk quoted a media report that spoke of Tesla's profit while several other electric vehicle manufacturers are coming up with electric vehicles. Fjarde Ap-Fonden Fourth Swedish National Pension Fund sold 1,626 shares as Tesla Inc (TSLA)'s stock rose 27.90%. The firm had revenue of $7.23 billion for the quarter, compared to analysts' expectations of $7.09 billion.

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