Indian-origin Vaibhav Taneja is the new Chief Financial Officer of Elon Musk-owned carmaker Tesla. His hiring on August 7 follows the resignation of the previous finance chief, Zachary Kirkhorn. Taneja has almost two decades of accounting expertise with worldwide organizations in technology, banking, retail, and telecommunications.
Who is Vaibhav Taneja, Tesla’s new CFO?
Vaibhav Taneja, 45, is the CFO in addition to his current post as Chief Accounting Officer (CAO), which he was awarded in March 2019. Since May 2018, he has also served as Tesla’s Corporate Controller. Between February 2017 and May 2018, he was the Assistant Corporate Controller. He worked in different finance and accounting jobs at SolarCity Corporation, a US-based solar panel producer that Tesla acquired in 2016.
Taneja was also named to the board of Tesla India Motors and Energy Private Limited in January 2021. Taneja formerly worked at PricewaterhouseCoopers for 16 years in both India and the United States, from July 1999 to March 2016. He received his Bachelor of Commerce degree from the University of Delhi. After finishing the course in 2000, he became a Chartered Accountant (CA). In 2006, he also enrolled in a course to become a Certified Public Accountant.
According to documents obtained by CRE Matrix, a real estate data analytics firm, the Indian-origin CFO’s appointment comes at a time when Tesla’s Bengaluru-based subsidiary is renting out managed office space in Pune’s Panchshil Business Park, with a total chargeable area of 5,850 square feet and a monthly service fee of Rs 11.65 lakh, according to Moneycontrol.
Tesla India explores battery production incentives amidst expansion in India
Tesla India Motors and Energy manufactures electric automobiles and energy products. According to sources, some government agencies are interested in revisiting the battery production-linked incentive (PLI) plan in order to entice global businesses such as Tesla. The scheme, introduced last year, provides incentives to both domestic and foreign manufacturers for establishing battery facilities in India.
They further stated that Tesla is in discussions with the Commerce Ministry, the Heavy Industries Minister, and the Prime Minister’s Office to determine the viability of its India endeavor. Taneja’s appointment also comes at a critical juncture in Tesla’s policy of prioritizing sales over profits, which might exacerbate the price battle. This year, the automaker has already reduced the prices of numerous of its models.
