Company head Elon Musk wrote an e-mail to employees about the financial situation in Tesla and announced a new cost-cutting initiative. Meanwhile Tesla loses another senior manager: Dave Arnold leaves the company.
Recently, Tesla's first-quarter report for the first quarter documented the drop in cash and cash equivalents, as well as a large loss between January and March. After two quarterly profits in the first quarter the value under the line is minus $ 700 million. In addition, the company can not continue with revenues of $ 4.5 billion to record levels from previous quarters ($ 6.8 billion and $ 7.2 billion).
Musk has already commented on the cash cushion, which has collapsed to $ 2.2 billion. As a result of the bond payment: "That's a lot of money, but it really gives us about 10 months to burn Q1, even to spoil, he is swearing in the workforce on a new cost-cutting initiative, and he and the new finance director, Zack Kirkhorn, will put all of the future questions on the test to cut costs. "This is hardcore, but it's the only way Tesla can become financially sustainable and achieve our goal is to make the world environmentally clean, "Musk added.
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This is not the first time Musk has called for cost reduction in an enterprise. Last year, after Tesla first reached Model 3 to produce 1,000 units a day, Musk focused on spending and encouraged everyone to contribute to cost savings. In addition, Tesla had earlier dismantled a lot of jobs earlier this year – especially in the S-model and X-model. Specifically, the Californians announced that about seven percent of full-time jobs would have to be deleted to reduce costs further.
The company's final step to stabilize the company is a capital increase of $ 2.7 billion, which Tesla finished earlier this month. As business prospects are not pink, at least in the short term: Musk expects loss in the second quarter but at least wants to increase supplies from 63,000 (Q1) to 90,000 to 100,000 cars. For the whole year, Californians remain in their optimistic forecast of 360,000 to 400,000 deliveries – and then expect in the third and fourth quarters, then again with the corresponding profits.
Nevertheless, it has become public that with Dave Arnold, head of communications, the next leader takes off his hat. Arnold was only two and a half years old with Tesla and would leave Californians in June. He was succeeded by Keely Sulprizio.
teslamag.de (cost saving), automobilwoche.de (Arnold)