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Aug. 7 (UPI) — Zachary Kirkhorn, the Chief Financial Officer of Tesla, revealed on Monday that he has decided to step down from his position after serving the company for 13 years.
A filing with the Securities and Exchange Commission confirmed Kirkhorn’s formal resignation from the company on August 4. Vaibhav Taneja, the Chief Accounting Officer, will assume the role of CFO in his place.
Kirkhorn made his announcement on his official LinkedIn profile.
“As I transition my responsibilities to support this change, I would like to express my gratitude to the talented and dedicated employees at Tesla, who have achieved remarkable feats that many believed to be impossible,” he wrote. “I also want to thank Elon for his leadership and optimism, which have inspired countless individuals.”
Tesla reported a total revenue of $24.9 billion for the second quarter, marking a 47% increase compared to the previous year. Free cash flow reached $1 billion, a 62% improvement over the same period in 2022.
The company’s total production of 479,000 vehicles saw an 86% rise from the previous year, while deliveries increased by 83%.
In an effort to enhance affordability, Tesla reduced the prices of its electric vehicles in the U.S. market, specifically the Model Y SUV and base Model 3.
These price adjustments, which led to a decline in Tesla’s stock value, followed the company’s failure to meet its delivery targets for several quarters. During mid-day trading on Monday, Tesla shares were down approximately 8%.
Separately, seven major automakers, including General Motors and Hyundai, announced plans to collaborate on a nationwide network of 30,000 electric vehicle charging stations by 2030 to address concerns about long-distance range capabilities and charging infrastructure.
The first charging stations are expected to open next summer.
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