DooKey
[H]F Junkie
- Joined
- Apr 25, 2001
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- 13,562
When it rains on Tesla it pours according to internal documents disclosed to Reuters. The documents and seven current and former Tesla employees claim the company is going to cutdown the size of their residential solar business that they purchased for $2.6B just two years ago. This is part of the previously announced 9 percent cut and it appears the solar business is going to take the brunt of those cuts. Also, they are ending their sales deal with Home Depot and selling off most of their retail stores and its website. Considering the amount of money spent on this business it makes the 2016 deal look even worse than many pundits claimed it was. Tesla needs to straighten their act up and quickly.
Tesla has been burning through cash as it tries to hit a target of producing 5,000 Model 3 electric sedans per week after production delays. The company faces investor pressure to turn a profit without having to tap Wall Street for additional capital.
Tesla has been burning through cash as it tries to hit a target of producing 5,000 Model 3 electric sedans per week after production delays. The company faces investor pressure to turn a profit without having to tap Wall Street for additional capital.