Tesla has money left for 10 months

Tesla has money left for 10 months

May 27, 2019 0 By autotimesnews

At the current level of expenses, Tesla’s cash supply will be exhausted after 10 months. In this regard, the company’s management, its CEO Ilon Mask and the new head of the financial service, will take steps to reduce costs.

The Electrek website writes that Musk sent out a letter to employees about the need to be extremely attentive to the company’s expenses. He recommends checking each write-off: payment of spare parts, payment of wages, travel expenses, and so on. In the same letter, the head of the brand writes that now cash reserves amount to 2.2 billion dollars, and at current expenses they will end in 10 months.

In this case, Tesla bankruptcy is not the first time. In 2017, Bloomberg calculated that the company “burns” money at a speed of eight thousand dollars per minute. If the trend continued, the automaker had completely exhausted the stock of funds by August 6, 2018. In 2018, former Vice-President of General Motors Bob Lutz told CNBC television channel Tesla “a company moving toward the cemetery” and predicted its early death.