Wednesday, June 13, 2018

Musk’s Model 3 Miscalculation Culminates in Major Tesla Job Cuts -- Bloomberg

A Tesla course correction; on a related note, see SpaceX is giving Wall Street a reason to bet on Tesla (Quartz)
"“Given that Tesla has never made an annual profit in the almost 15 years since we have existed, profit is obviously not what motivates us,” Musk wrote in an internal email Tuesday. “What drives us is our mission to accelerate the world’s transition to sustainable, clean energy, but we will never achieve that mission unless we eventually demonstrate that we can be sustainably profitable. That is a valid and fair criticism of Tesla’s history to date.”

Tesla shares pared an earlier gain of as much as 6.9 percent and closed up 3.2 percent at $342.77. Since it started trading in 2010, the stock has risen at a blistering pace driven by optimism that Tesla would lead a new era of transportation innovation. In the past 12 months, amid production snags and debt-related jitters, shares have fallen 4.5 percent, while Ford Motor Co. and General Motors Co. have climbed."
Musk’s Model 3 Miscalculation Culminates in Major Tesla Job Cuts -- Bloomberg
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