The Silicon
Valley automaker is losing more than $4,000 on every Model S electric
sedan it sells, using its reckoning of operating losses, and it burned
$359 million in cash last quarter in a bull market for luxury vehicles.
The company on Wednesday cut its production targets for this year and
next. Chief Executive Elon Musk said he's considering options to raise
more capital, and didn't rule out selling more stock.
Musk has taken investors on a thrill ride since
taking Tesla public in 2010. Now he's given himself a deadline,
promising that by the first quarter of 2016 Tesla will be making enough
money to fund a jump from making one expensive, low volume car to mass
producing multiple models, and expanding a venture to manufacture
electric power storage systems. (more)
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