Elon Musk Wants to Cut Tesla Spending for At Least Next 4.5 Weeks

by SpeedLux
Tesla Model S

Bloomberg has gotten an internal email from Tesla CEO Elon Musk to workers, where Musk encourages cost-cutting and a productivity push for the rest of the present quarter.

Tesla has to raise more capital quickly to fund the spin-up of Model 3 production, building of its Gigafactory battery center, and a planned acquisition of SolarCity. In the email, sent on August 29th, Musk notes that showing “at least slightly positive cash flow” ahead of that increase would be “awesome”.

“The simple reality of it is that we will be in a far better position to convince potential investors to bet on us if the headline is not ‘Tesla Loses Money Again,’ but rather ‘Tesla Defies All Expectations and Achieves Profitability.'”

Financial issues have added to a sharp drop in Tesla’s stock rate in recent days. The damage of a SpaceX rocket on September 1st perhaps piled on the pressure by casting a shadow on Musk’s other firm.

Musk does provide some comfort to Tesla employees fearing continuous austerity, though, with an apparent focus on the much shorter term. He states the company ought to be “trimming any cost that isn’t critical, at least for the next 4.5 weeks”.

A Tesla spokesperson verified the credibility of the memo to Bloomberg.

In addition to cost-cutting, Musk likewise wishes to push to provide “every car we possibly can,” to help fulfill Tesla’s objective of providing 80,000 vehicles this year.

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

SpeedLux

SpeedLux is a high-authority automotive blog providing the latest automotive news and reviews. SpeedLux covers everything related to cars, bikes, and motorcycles, from news and reviews, to troubleshooting guides, tips and tricks, and more. SpeedLux was born in 2009 and we have over 20,000 articles published on our blog. We thank all our readers, as well as our partners, without whom we could not have reached this level.

Subscribe

©2009 – 2024 SpeedLux – Daily Automotive News and Reviews. All Right Reserved.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More