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all independent car mfrs, in all countries, bite the dust, sooner or later.
LINK
Tesla Motors announces layoffs; Musk to assume CEO post
Tesla Motors is putting its Model S sedan on hold, closing the Michigan facility that was working on some of the sedan's engineering and laying off an unspecified number of people, the company confirmed Wednesday.
Tesla told San Jose officials that it will focus on selling its Roadster and power trains, and that it still intends to build a plant and its headquarters in San Jose, although the schedule may slip a bit.
Production of the Model S in San Jose will be pushed back six months, to mid-2011, said company founder Elon Musk, who also announced that he will assume the role of chief executive officer. He replaces Ze'ev Drori, who becomes vice chairman and continues as a board member.
There are 30 people working at Tesla's Rochester Hills, Mich., facility, according to a company spokeswoman. The Model S is a five-passenger, four-door luxury car. Its exterior and power train are completed, but the Michigan plant was working on its engineering.
A blog post by Musk on Wednesday blamed the credit crunch for the decision.
"These are extraordinary times,'' Musk wrote. "The global financial system has gone through the worst crisis since the Great Depression, and the effects are only beginning to wind their way through every facet of the economy. It's not an understatement to say that nearly every business will be impacted by what has unfolded in the past weeks, and this is true for Silicon Valley as well.''
Musk said the company's goal is to become cash-flow positive in six to nine months. To do that, it is ramping down the Michigan facility "in anticipation'' of moving vehicle engineering to San Jose, Musk said in his blog. The company will focus on selling its Roadster and power trains.
Instead of trying to raise capital in private markets for the Model S, the company has decided to wait for a federal Department of Energy loan guarantee "at a very low cost'' of capital, Musk said. First, the company must receive environmental approval for its planned 89-acre San Jose plant, which Musk said he expected in the second quarter of 2009.
One Web report Wednesday said half of Tesla's staff would be pink-slipped, but the company denied that. It declined to announce a number, saying a head-count review was still under way, but Musk called the reduction "modest." Tesla employs 250 people.
The situation raises eyebrows in San Jose, which recently landed Tesla's factory, as Mayor Chuck Reed announced a North San Jose location with Drori and Musk in a well-publicized ceremony.
Musk told Reed's staff of the layoffs Wednesday morning. Reed said he understands the decision to trim the company's staff is related to the global credit crunch, but that it won't affect plans in San Jose.
"We're glad they're not going to be a fatality in this credit crunch,'' Reed said.
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I wanted to post this, since we talked about these guys when the oil prices were out of control.
all independent car mfrs, in all countries, bite the dust, sooner or later.
so you can bailout the big three, and no one else......damn.....how unamerican, nazi it that?
How shocking! Who would have thunk they were going to have problems staying afloat.
Reserve the 2009 Tesla Roadster
Important Information — please read
Reservations for the Tesla Roadster are open to all U.S. residents
2009MY Roadster base price: $109,000 (see 2009 spec sheet for more details)
Availability approximately 12 months
$5000 refundable reservation fee starts the process and locks in price*
Additional $55,000 to lock in a production slot and delivery timeframe.
Exterior/interior choices, options and balance due 3 months prior to production of your Roadster
They were working on an affordable 4 door sedan. The point being, they were actually a company that was bringing entirely electric cars to market.
the ing idiots that adore this flaming got Musk
I have friends that adore this for brains and the bag that is Tesla
Well, yeah, when nearly everything in your possession is bought with other people's money, you can make that statement.
Musk is an all-time great Capitalist/huckster.
I have friends that adore this for brains and the bag that is Tesla
Beat me to it. One of the biggest frauds of all time. Love the irony of tree-huggers eating out of Musk's greasy, capitalistic hands.
Dude doesn't give two s about the environment, just the massive industry opportunities they presented and the low-info, phony-moralist crowd that eats it up.
In March 2018, Tesla’s Board of Directors granted Musk a potential bonus of 20,264,042 stock option awards
under a plan that uses “adjusted EBITDA” as one of its metrics.
According to general accounting principles, Tesla recorded a 2019 net loss of $862 million,
but thanks to using different accounting principles this loss became an adjusted EBITDA profit of $2.985 billion.
The LA Times’ Mitc also waded into the status of Musk’s bonus writing:
“if the stock price holds roughly above $542 a share for over the next few weeks,
Musk stands to reap a huge bonus.”
https://promarket.org/elon-musk-want...ounting-magic/
Musk's car factory was a shop of horrors. Their paint plant caught fire repeatedly.
Yup. Had a Cousin-in-law who worked there. The only positive thing he had to say about it? The pay was decent.
Said that everytime Musk came onto the production floor it was all kinds of chaos, everyone walked on glass eggs s around him and he almost always displayed a negative demeanor.
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