Elon Musk said last week that Tesla Inc. is designing a new sports car that could go from zero to 60 mph in 1.9 seconds. Not bad, but here’s a speed number that investors might want to focus on instead:
Over the past 12 months, the electric-car maker has been burning money at a clip of about $8,000 a minute (or $480,000 an hour), Bloomberg data show. At this pace, the company is on track to exhaust its current cash pile on Monday, Aug. 6. (At 2:17 a.m. New York time, if you really want to be precise.)
To be fair, few Tesla watchers expect the cash burn to continue at quite such a breakneck pace, and the company itself says it’s ramping up output of its all-important Model 3, which will bring money in the door. Investors don’t seem concerned. Tesla shares rose almost 3 percent to $317.81 Tuesday, giving it a market capitalization of $53 billion. Ford Motor Co. is worth $48 billion.
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6 comments:
Without the huge tax payer payments to Tesla, this company would collapse.
Screw these leaches to the taxpayers
Same could be said for most auto makers and banks in the US.
Tesla doesn’t take taxpayer dollars moron..
ford was here before tesla and they'll still be here after tesla! DeLorean?
Why do you Rednecks hate smart people so much?
6:29, correct. They just take government subsidies.
Moron.
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