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Tesla burns through more than $10,000 a minute in recent times

By Faiming_low on 26 Nov 2017

Attached Image The innovative electric vehicle company is said to be burning through cash too fast as Elon Musk continues to aggressively expand the company.

According to Bloomberg, Tesla is spending around S$645,000 every hour and is on track to exhaust its cash pile by the start of August next year.

That said, it is likely the figures will be lower when the sales of the Model 3 increases once the production backlog clears up.

In fact a letter sent to shareholders on 1st of November said that Tesla was adamant that it has enough money to produce 5,000 Model 3s each week by the end of March.


However, Senior Bloomberg Intelligence analyst, Kevin Tynan believes the company will need to raise at least S$2.69 billion in capital by mid-2018 in order to achieve Musk's ambitious targets.

Interestingly, Tesla has come up with a solution for the short term by asking buyers of its 1,000 Roadster Founders Series models to cough up the full S$336,000 asking price as a deposit despite the car not arriving until the 2020. This alone could potentially generate $336 million for Tesla, which, at this rate, is enough for around 21 days of spending from the company.

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Faiming_low
Written by Faiming_low
Since young, Fai Ming has always centered his life around cars. In fact his first word was 'car' and not 'mum' or 'dad'. Aren't kids cute?



 
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