Indian origin Vaibhav Taneja is the new Chief Financial Officer for the Elon Musk-owned automobile manufacturer Tesla. The previous chief financial officer, Zachary Kirkhorn, announced his intention to resign on August 7.
Taneja has more than two decades of accounting experience and has worked for multinational companies in technology, finance, retail, and telecommunications.
In addition to his existing position as Chief Accounting Officer (CAO), which he has held since March 2019, 45-year-old Taneja is now the Chief Financial Officer (CFO). Since May of 2018, he has also served as Tesla's Corporate Controller. Between February 2017 and May 2018, he held the position of Assistant Corporate Controller.
From March 2016 onwards, he held a variety of finance and accounting positions at SolarCity Corporation, a US solar panel developer acquired by Tesla in 2016.
In January 2021, Taneja was also appointed as a director of Tesla India Motors and Energy Private Limited, the company's Indian subsidiary.
Prior to that, between July 1999 and March 2016, Taneja worked for PricewaterhouseCoopers in India and the United States for 16 years.
The University of Delhi granted Taneja a Bachelor's degree in Commerce. After the course in 2000, he became a Chartered Accountant (CA). In 2006, he enrolled in a course for Certified Public Accountant certification.
Tesla's Bengaluru-based subsidiary is renting 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 documents accessed by CRE Matrix, a real estate data analytics firm, Moneycontrol reported.
Tesla India Motors and Energy sells electric vehicles and energy products.
According to additional sources cited by CNBC-TV18, some government departments are eager to reevaluate the battery production-linked incentive (PLI) programme in order to entice global participants like Tesla. The programme, which was announced last year, provides incentives to both domestic and foreign manufacturers for the establishment of battery facilities in India.
They added that Tesla is currently in discussions with the Commerce Ministry, the Heavy Industries Minister, and the Prime Minister's Office to determine the viability of its India venture.
Taneja's appointment also coincides with a crucial period in which Tesla is prioritising sales over profits, a strategy that could exacerbate a price war. Several models of the automaker's vehicles have already seen price reductions this year.