Elon Musk Email To Tesla Employees: "Curb Your Spending"

Tesla is turning rivals into roadkill – even in China

Amid the Model 3 production ramp-up previous year, Tesla moved to 24/7 operations at its factory in Fremont Factory while simultaneously implementing a plan for the company's finance team to review all large expenses.

Tesla shares closed at the lowest level in nearly 2 1/2 years after Elon Musk called for a "hardcore" review of all the electric-car maker's expenses and an analyst warned of potentially severe fallout from a fatal crash involving Autopilot. Then, earlier this year, Tesla announced a 7% reduction to its full-time workforce.

Musk, Tesla's chief executive officer, wrote in an email to staff late Thursday that he and new Chief Financial Officer Zachary Kirkhorn will review "literally every payment" that leaves the company's coffers to confirm that expenditures are critical.

In Tesla's first quarter of 2019, the company lost $702 million.

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"This is hardcore, but it is the only way for Tesla to become financially sustainable and succeed in our goal of helping make the world environmentally sustainable".

Cash flow: The question is does the company have enough cash as it spent $400 million in the first quarter for running the business, $656 million on equipment and facilities which totals to $1 billion in spending all these points to negative cash flow as it cut the balance to $2.7 billion.

As reported by Reuters, Elon Musk has stated that unless costs are cut, Tesla will run out of money in 10 months' time, despite having just closed a $2.7 billion offering of stock and convertible notes. The Motley Fool owns shares of and recommends Tesla.

Friday's 4.9% slump in the shares (NASDAQ:TSLA) pushed the decline this month to 14%.



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