Tesla cuts number of standard colour options in bid to streamline production
15 September 2018, 12:02 | Cameron Gross
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Tesla Inc TSLA.O will eliminate some colour options for its electric cars to streamline production, Chief Executive Officer Elon Musk tweeted on Tuesday, as the company intensifies its efforts to ramp up production. This serves to reflect the value of the electric cars as well as for them implement a more efficient manufacturing process. The former CFO of Seagate, stated in a letter that "since I joined Tesla on August 6, the level of public attention placed on the company, as well as the pace within the company, have exceeded my expectations", Morton said in the filing. Tesla's head of investor relations Martin Viecha facilitated the tour, while also provided some updates on the company's upcoming projects.
More than $9 billion of Tesla's debt is scheduled to mature before 2025, including a total of $2.7 billion this year and next, according to a Goldman Sachs research report that called the company's balance sheet "concerning". That strategy paid off as Tesla built a huge lead in the electric vehicle race, although that position is under assault from intense competition by rival manufacturers such as Mercedes-Benz and Ford.
"Longer-term, however, we remain neutral on Tesla, as we believe the stock is unlikely to meaningfully break out of this range until investors get clarity on normalized Model 3 gross margins/profitability, as well as product quality", stated Sacconaghi.
Much of that anticipated growth, Musk said, would come from production of the Model 3, Tesla's first affordable auto designed for mass production. Shares rose 8.5% on Monday following that note's release.
Tesla has been under even more scrutiny than usual since Musk tweeted on August 7 that he was considering taking Tesla private at $420 a share and had "funding secured". Musk pushed back that timeline in June, saying Tesla would start making $35,000 Model 3s near the end of 2018 and aim for mass production in 2019.
It's no secret that high-tech automaker Tesla has faced all sorts of challenges lately. She joined Tesla only 16 months ago.
"We could raise money, but I think we don't need to, and I think it's better to just not", Musk said.
Tesla said it manufactured 2,020 Model 3 vehicles in the last week of its first quarter after targeting 2,500.
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