Tesla’s shares drop on leak of embarrassing memo asking for money back
24 July, 2018, 18:56 | Author: Shannon Aguilar
He said it's more serious if the company needs more cash to continue operating, noting that investors are likely to be concerned if Tesla has to take unusual steps to shore up its finances. It has promised to produce 5,000 Model 3s in a single week, but has only met that goal last quarter after months of delays.
The company's shares dropped as much as 5.9pc yesterday, following the report. The electric-car maker made the request to fewer than 10 suppliers related to capital expenditures for long-term projects that started as far back as 2016 and aren't complete, a spokesman said in a statement. Tesla called such requests a standard part of procurement negotiations to improve its competitive advantage, especially as it increases Model 3 production, the Journal said.
A memo sent to suppliers allegedly asked the third parties to send back a "meaningful" amount of cash for work dating back as early as 2016. Panasonic Corp, Magna International Inc, Continental AG and Robert Bosch GmbH are among Tesla's suppliers, according to data compiled by Bloomberg.
"If there are any one-time windfalls that aid in Tesla achieving its profit goals, we expect the market would view that as unsustainable, " said Jamie Albertine, senior automotive analyst for Consumer Edge.
Tesla's Australia and Asia media office, as well as a spokesman and spokeswoman in the US, didn't reply to emails seeking comment on the Journal report.
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By extension, he is telling Putin and the world that he believes the shady Russian president over his own intelligence agencies. But I have not seen any concessions, neither as regards the annexation of Crimea nor the war in Ukraine", Morawiecki said.
Its CEO Elon Musk also tweeted that any costs accounted for in the next quarter would not be retroactive.
Supply-chain consultants told the paper that sometimes automakers will demand a reduction in price for a current contract going forward or use leverage of the promise of a new deal to get upfront savings.
Musk was responding to a post by Electrek that cited the Journal article and he didn't elaborate.
The Tesla logo is seen at the entrance to Tesla Motors' new showroom in Manhattan's Meatpacking District in New York City, U.S., December 14, 2017.
The Stoxx Europe 600 extended declines to 0.8 percent, led by cyclical sectors including auto and mining, while the VStoxx jumped. GE, which has been selling and splitting off businesses, also cut its forecast for how much cash its businesses will generate.
Those who spoke with The Associated Press largely didn't buy his change in tone - or said it didn't matter. Other GOP senators pushed back on the idea that Russian Federation is no longer targeting the U.S.
Eventually, up to six passengers at a time could get on board the New Shepard spaceship, which flies under autonomous control. In addition to testing the "high altitude escape motor", the company promises it is "pushing the rocket to its limits".
The sport paid for that unlimited access Thursday when unruly spectators interrupted the most iconic climb of the Tour de France . Cavendish was in trouble long before the explosive end to this short mountainous stage, which was created to promote attacks.
As he has done before, Trump attacked the investigation led by special counsel Robert Mueller into Russian election interference. Putin denied anew that the Russian government interfered, regardless of what nongovernmental Russian actors might have done.
They are among more than 135, mostly unarmed, Palestinians killed by Israeli fire since border protests began at the end of March. Israeli warplanes pounded the Gaza Strip on Friday after a Palestinian sniper killed an Israeli soldier along the border fence.
If nothing else, this will be Hart's last game ever in a summer league and he is proving why he deserves to be on the big stage. That team didn't have Kevin Durant but still featured a loaded roster led by Stephen Curry, Klay Thompson and Draymond Green.
Machado said Monday at All-Star Game media day that the uncertainty of where he'd play his next game was becoming frustrating. A USA Today report indicated the Orioles and Los Angeles Dodgers had worked out a trade that will be announced Wednesday.
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The second system is that of worldwide humanitarian law (IHL), which is applicable to an occupied territory. It does not restrict individual rights, they argue, or create special privileges for Jews.
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When asked by reporters a few hours earlier if the USA was still being targeted by Russian Federation , he had answered "no". When asked about special counsel Robert Mueller's ongoing probe, the president once again said there's been no collusion.
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Both shone for their country at the World Cup in Russian Federation , where they claimed third-place in the tournament. Giroud became a key player for the Blues last season but the Mirror claim Sarri is prepared to let him go.