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Musk Looks Closer At Tesla's Expenses To Save Money

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Tesla will take a closer look at their expenses in a new cost cutting initiative. Automotive News reports that Elon Musk, the electric car company's CEO, told employees that he will "increase scrutiny of the company's expenses," with the goal of cutting costs. Musk admitted the cost cutting urgency in an employee email, seen by Reuters. Automotive News explains, "...the company's net proceeds from the offering gave Tesla only 10 months to achieve breakeven at the rate it burned cash in the first quarter." In early May, the company closed a $2.7 billion stock offering and convertible notes, giving it the much needed cash. This comes at a time when Tesla is increasing production.

Added on the 17/05/2019 06:20:23 - Copyright : Wochit

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