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Tesla can go bankrupt in 10 months – Musk – Ministry of Finance



The American manufacturer of electric cars Tesla may go bankrupt after 10 months if it does not radically revise the budget. This has been known from the letter of the company's founder Ilona Musk to the subordinates of the network, writes Voice of America.

What's Known

Recently, the company has increased another $ 2.7 billion in funding, but production spends so much money this is not enough for a year, Mask for Workers says.

To prevent bankruptcy, Mask decided to cut spending: Special expert groups will look for where to cut costs, including cars, salaries and travel for workers,

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The musk himself and the new finance director in the company Zach Kirkgorn will personally review each budget line.

Mask gave them time to change their departments: "These are difficult changes, but this is the only way that Tesla can become financially stable and achieve success in our goal – to make the world environmentally sustainable."

Read also: Ilon Musk owes banks $ 5 million

The mask company is not the first to tighten its belts. Last year, Tesla resigned 9% of its employees, and in January, another 7%. According to the company's 2018 return, the profits of Tesla vehicles sold and leased amounted to $ 18.5 billion. However, the company is still unprofitable – the net loss was $ 1 billion.


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