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25 November 2017

$8,000 Greens per Minute!

$8,000 dollars per minute is a lot of OPC’s (other peoples money) to be burning up! Bloomberg reported that, over the past year, Tesla has been burning through cash at a rate of about $480,000 per hour, or approximately $8,000 per minute—a rate that, the news site says, would deplete the company’s cash reserves by Monday, Aug. 6, 2018. Tesla is in the process of ramping up production for the Model 3, so the fact that the company is spending money isn’t exactly surprising, nor was the recent $619 million quarterly loss, Tesla’s biggest ever after spending $1 billion (Markets Inside points out that General Motors also spent around $1 billion that quarter, but it was able to rake in $33 billion in revenue). Still, the $480,000 per hour figure gives us better idea of just how deep Tesla really is stuck in “production hell.” Read the story here…

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