Published: Tue, July 24, 2018
Money | By Michele Stevens

Tesla seeking cash from suppliers

Tesla seeking cash from suppliers

The Journal said Tesla confirmed that it is "seeking price reductions from suppliers for projects, some of which date back to 2016, and some of which haven't been completed".

Tesla has asked some suppliers to refund money paid by the electric vehicle maker since 2016, the Wall Street Journal reported on Sunday citing a memo.

The requested reduction in project capex would not impact Tesla's ability to achieve third-quarter profitability, a spokesperson told Reuters.

The company experienced a similar shares fall last week, as a result of a tweet from Musk that labelled a British diver assisting in a rescue effort in Thailand as a "pedo guy".

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The memo was reportedly sent by a global supply manager, and notes the request is essential to Tesla's continued operation, describing it as an investment in the auto company to continue the long-term growth between both players.

Tesla had $2.7 billion in cash on hand at the end of the first quarter and many specialists think it will need to raise money soon.

"It's troubling", David Whiston, an analyst with Morningstar in Chicago, said in an interview on Monday as Tesla's stock declined, closing off 3.3 percent. "They're anxious about their profitability but they don't care about their suppliers' profitability". The remainder of our discussions with suppliers are entirely focused on future parts price and design or process changes that will help us lower fundamental costs rather than prior period adjustments.

The carmaker is facing growing investor pressure as it struggles to ramp up the production of what is to be its flagship model, the Model 3, and reverse a loss-making streak that has been with it since its inception.

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The leak comes as Musk continues to unnerve investors, with Tesla shares falling from a year high of $370 in mid June to around $301 on Monday.

Tesla may have finally hit its production target of the Model 3, but the company is not yet out of the woods.

Tesla intends to stretch that goal to 10,000 per week.

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