Telsa CEO Elon Musk.(Photo: Reuters)
SAN FRANCISCO – Elon Musk urged Tesla employees to cut costs and deliver every car possible as he readied a push to raise more money, Bloomberg reported.
“It would be awesome to throw a pie in the face of all naysayers on Wall Street who keep insisting that Tesla will always be a money loser!” Musk wrote in a memo sent to employees of the Palo Alto, Calif.-based electric car company Friday and obtained by Bloomberg.
Tesla filed papers with the Securities and Exchange Commission on Wednesday saying it planned to raise additional funds by the end of the year.
The company raised $1.5 billion in May to help fund production of the Model 3 mass-market electric vehicle.
Tesla Model S sedans are parked in front of a row of Tesla Superchargers outside of the Tesla Factory on Aug. 16 in Fremont, Calif. (Photo: Justin Sullivan, Getty Images)
Tesla faces an important third quarter as it gets ready for the Model 3 release. It is also working to close its $2.6 billion acquisition of solar energy company SolarCity Corp in an attempt to broaden its ranger from simply being an electric car company to bigger and more integrated clean energy company.
Tesla burned through $332.5 million for operations over the past 12 months as well as consuming $1.3 billion in capital expenditures. It had $3.25 billion in liquidity as of June 30, according to SEC filings.
While short on cash, the company is long on consumer interest. In a series of tweets last week Musk tested that big upgrades in the company’s self-driving Autopilot feature would be coming soon. The feature allows Teslas to drive themselves while staying in a late, or change lanes on its own when commanded to do so by the driver.
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Tesla CEO Musk: Cut costs, build cars
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