Dead Battery: Tesla Hemorrhaging $6,500 A Minute As Stock Falls
Other than poking fun at our crowd-seeking Mustang brethren, we here at Speed Society try to keep our focus on the positive side of the automotive community. However, as we all know, sometimes things take a negative turn, and it’s our duty to share those stories as well, especially if they affect the companies that are often a topic of discussion among our fans and followers.
There’s absolutely no denying that Tesla has been responsible for a great deal of innovation in the areas of electric car efficiency, performance and safety over the past few years. All of those innovations don’t come cheap, however, and it would seem the company has run into some pretty severe financial turmoil. In its current state, the company is losing $6,500 per minute, a number that’s almost impossible to wrap your head around unless you stretch it out to hours ($390,000) or days ($9.3 million every 24 hours). Considering the primary goal of any business is, in fact, to make money, this is a massive issue. Not only has production of the company’s Model 3 lagged far behind demand, a fatal accident was recently attributed to the company’s assisted-driving feature, both factors that have driven the company’s stock downward steadily.
So what can be done? At this point, it’s hard to say what, if anything, can be done to first shore up the massive outflow, then turn the company back toward profitability. Luckily, as we shared recently, Elon Musk has dedicated himself literally 24 hours a day to resolving the issues within the company to hopefully turn the tide. We know Tesla is Musk’s “baby”, if you will, and he obviously wants nothing more than to see the company succeed and has vowed to do everything in his power to make that happen.
He’s certainly climbing a steep, treacherous slope, but Musk didn’t get where he is by giving up, and we certainly hope to see the company keep the doors open and churning out their brand of luxury wrapped performance and technology. We will be keeping an eye on things and hopefully bringing some better news in the not-too-distant future.