Car Industry

Elon Musk announces Tesla CFO's departure during earnings call

The news sent shares prices dropping by 5.9 percent in late trading.

Xinhua Headlines: Tesla breaks ground on gigafactory in Shanghai
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With a few minutes to go before Telsa's quarterly earnings call ended, Elon Musk surprised investors with news that chief financial officer Deepak Ahuja will be leaving the company, Reuters reports.

He will be replaced by Zach Kirkhorn, Tesla's current vice president of finance. The news caused stocks to drop by as much as 5.9 percent in late trading, even as the earnings call promised lower prices of its Model 3 sedan and a new Model Y version.

It's not the first time in recent months the electric car maker has seen high profile departures. Last September saw both chief accounting officer Dave Morton and head of human resources Gabrielle Toledano leaving to similar effect on Wall Street, with shares tanking by as much as 10 percent then.

All is not doom and gloom. The company did say that it's possible it will post a profit in the first quarter of this year.