NEW YORK (TheStreet) -- Shares of Tesla Motors Inc (TSLA) are sliding, down 2.68% to $249.15 in early market trading Wednesday, following the announcement that company CFO Deepak Ahuja will retire this year, according to CEO Elon Musk.
Musk made the unexpected announcement at Tesla's annual shareholder meeting.
Ahuja, who joined Tesla in 2008 as the company's first financial chief, will help find a successor.
In addition, Tesla announced that it will start delivering its Model X sport utility vehicle in three to four months, close to the timeline the electric-car maker revealed earlier in the year, according to Bloomberg.
"The Model X will be a better SUV than the Model S is a sedan," Musk added.
Palo Alto, Calif.-based Tesla Motors designs, develops, manufactures and sells electric vehicles and advanced electric vehicle powertrain components. It owns its sales and service network.
Separately, TheStreet Ratings team rates TESLA MOTORS INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate TESLA MOTORS INC (TSLA) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, expanding profit margins and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."