Tesla’s New CFO Will Have To Do Double Duty In New Position | Automotiv

Tesla’s New CFO Will Have To Do Double Duty In New Position | Automotiv

Good morning! It’s Tuesday, August 8, 2023, and that is The Morning Shift, your each day roundup of the highest automotive headlines from around the globe, in a single place. Listed here are the necessary tales you’ll want to know.

1st Gear: Tesla’s New CFO Has Two Jobs

Vaibhav Taneja will function Tesla’s new chief monetary officer after Zach Kirkhorn, a 13-year veteran of the automaker, abruptly stepped down from his submit. All of it sounds pretty regular till you understand that Taneja already serves as Tesla’s chief accounting officer, and he’ll proceed to take action. It’s an enormous change for the Austin, Texas-based firm. From Bloomberg:

Whereas Kirkhorn has been a relaxed, regular presence and commonly spoke at size with buyers, even taking part in the function of Musk’s surrogate the time he skipped Tesla’s earnings presentation, Taneja is much less well-known. He labored for Tesla’s accounting agency and later at SolarCity, a troubled firm many buyers want the EV maker hadn’t acquired. He has spoken briefly on only one Tesla earnings name, again in early 2019.


The change comes at a important time for Tesla. The corporate is constructing a brand new manufacturing unit in Mexico and making ready to carry its Cybertruck pickup to the market because it fends off rivals within the more and more crowded EV market. Tesla has been reducing costs throughout its lineup to take care of its place atop the electric-car business, and profitability has taken a success.

Taneja began his profession in New Delhi. He graduated in 1999 with a bachelor’s diploma in commerce from Delhi College, in line with his LinkedIn profile. He then spent nearly 17 years at PricewaterhouseCoopers, Tesla’s longtime accounting agency.

He joined SolarCity in 2016 and have become company controller. Tesla quickly thereafter acquired the photo voltaic panel installer. The automaker’s shareholders later sued Musk and Tesla’s board, accusing them of hiding SolarCity’s monetary woes.

Bloomberg studies that he turned Tesla’s company controller again in Might of 2018, and he was named chief accounting officer in March of 2019. He additionally apparently owned about 105,000 shares of Tesla inventory as of final month, in line with the outlet. That take is at the moment valued at about $26 million. Good for him.

2nd Gear: Lucid Isn’t Too Apprehensive About Cash But

Lucid might have simply posted a second-quarter internet lack of $764.2 million, nevertheless it isn’t fearful about that in any respect. The automaker reportedly says it expects higher gross sales within the second half of the 12 months via worth cuts and many deliveries in Saudi Arabia in addition to the launch of a brand new model of its Air sedan.

The massive driver behind this optimism is the truth that the Saudi authorities has agreed to purchase 50,000 Lucids over the following 10 years. Automobiles can even be bought to shoppers within the nation as nicely. From Automotive Information:

The Public Funding Fund of Saudi Arabia is almost all shareholder of Lucid Group, of Newark, Calif., and lately bought an extra $1.8 billion in shares as a part of a $3 billion inventory providing to spice up Lucid’s money place.

Lucid reported a second-quarter internet loss of $764.2 million on Monday in contrast with a lack of $553.3 million in the identical quarter final 12 months. Income grew 55 % to $150.9 million on deliveries of 1,404 automobiles.


As well as, Lucid expects to start out restricted manufacturing of the Air in Saudi Arabia in September by sending partially assembled automobiles from the U.S. to a brand new Saudi plant that may end the manufacturing course of, Rawlinson stated.

Thus far this 12 months, Lucid has produced 4,487 Airs and delivered 2,810. The build-up of auto stock pushed Lucid to supply deep reductions beginning on Saturday. The bottom worth of the Air was minimize by $5,000 to $84,050 with delivery.

Lucid says its 2023 manufacturing objective continues to be 10,000 models, and its “cheaper” Air Pure sedan with rear-wheel drive can also be coming quickly. Its second car, the Gravity crossover might be formally unveiled in November of this 12 months.

third Gear: Miata Is Not The Reply For Mazda

Mazda is again within the black after its Q2 earnings report, thanks in no small a part of sturdy U.S. deliveries of its crossovers just like the CX-50 and CX-90. Each these automobiles assist the Japanese automaker reverse a loss from the 12 months earlier than and put the model on monitor to just about beat its U.S. gross sales file. From Automotive Information:

Working revenue rang up at 30.0 billion yen ($207.5 million) within the firm’s fiscal first quarter ended June 30, wiping out an working lack of 19.5 billion yen ($134.9 million) a 12 months earlier, the corporate stated in a press release.

Internet earnings greater than doubled to 37.2 billion yen ($257.3 million), from 15.0 billion yen ($103.8 million), as income climbed 72 % to 286.0 billion ($1.98 billion) within the three-month interval.

International gross sales expanded 32 % to 309,000 automobiles within the quarter, hovering on the wings of a 61 % soar in North American shipments to 128,000 automobiles.

Gross sales in Europe, Mazda’s second-biggest market, rose 46 % to 44,000.

Mazda’s new CFO reportedly stated that a lot of bigger crossovers, just like the CX-90 in North America and CX-60 in Europe and Japan, create about double the per-unit revenue as Mazda’s common car bought.

4th Gear: Self-Driving Automobile Corporations Await SF’s Choice

San Francisco has lengthy been, in essence, the wild west on the subject of self-driving car improvement, however simply how wild it’s could also be modified this week. The California Public Utilities Fee is reportedly scheduled to resolve whether or not Cruise (a Basic Motors subsidiary) and Waymo, a few U.S. robotaxi improvement corporations, can broaden their presence within the metropolis.

Each of those corporations have reportedly spent a complete lot of cash and used a ton of operational sources as a way to put together for widespread industrial deployments in The Golden Metropolis. From Automotive Information:

However the fee has twice delayed selections on their respective functions in current months amid an rising backlash on self-driving automobiles, resistance from labor unions and concern in regards to the automobiles’ efficiency in interactions with emergency responders.

Additional delays or an outright rejection of their functions would have implications not just for continued AV developments in San Francisco, however might have an effect on how self-driving automobiles are perceived and controlled in different markets.


Additional delays or an outright rejection of their functions would have implications not just for continued AV developments in San Francisco, however might have an effect on how self-driving automobiles are perceived and controlled in different markets.

Whether or not the commissioners consider the efficiency of the person corporations or lump them collectively as they think about the functions stays one unknown headed into Thursday’s assembly.

GM’s Cruise first started its driverless industrial service in a handful of San Francisco neighborhoods in June 2022 between 10 a.m. and 5 p.m. It’s seeking to broaden all through the town and supply service throughout daytime hours.

Waymo has been round some time longer. It’s been testing AVs on San Francisco streets since its inception again in 2009. It at the moment carries passengers who’re a part of a “Trusted Tester” program and can’t cost for these rides. Its pending utility would permit it to start out driverless industrial providers within the metropolis.

Reverse: One Difficult Dick

Impartial: It’s Chewsday


On The Radio: Taylor Swift – “I Can See You” (Taylor’s Model)

Taylor Swift – I Can See You (Taylor’s Model) (From The Vault) (Official Video)

Related posts

Chase Elliott Crashes, Needs A Win To Make NASCAR Cup Playoffs | Automotiv


The 2024 Audi RS 6 and RS 7 Performance Are Way, Way Too Good | Automotiv


Nikola’s New CEO Announces Hydrogen Truck Deliveries, Stock Rebounds | Automotiv


Leave a Comment