Tesla is continuing to burn through cash at an astonishing rate. About $6500 a minute, according to an alarming new report from Bloomberg. So, go away and make a cup of tea right now, and - so long as you’ve left the teabag in for a decent brewing duration - Tesla will have lost at least $30,000 in that time.
Don’t just take our word for it - there’s a handy counter on the Bloomberg piece, complete with a brilliant Elon Musk flamethrower Gif, that shows roughly how much money Tesla has lost since you opened the page.
$6500 a minute figure is actually a little less than the publication previously reported - Tesla apparently got through cash at a rate of $8000 a minute in the 12 months prior to November 2017 - but the main takeaway here is that it’s now looking like the Californian firm could be out of cash before the year is out.
A big factor is Tesla’s employee count. Since 2010, Tesla’s workforce has surged from 899 to 40,000 people, but the company still isn’t bringing in much money. General Motors and Ford rake in about two and a half times the revenue of Tesla per employee. Model 3 production delays have proven particularly costly, at a time when Tesla is also investing heavily in its incoming Semi truck.
The company currently holds $854 million in customer deposits, which - Bloomberg notes - are effectively “interest-free loans.” It’s not enough though, and without raising additional external funding, Tesla is at a real risk of going bankrupt.
It’s looking like 2018 is going to be a make or break year for Musk and Tesla.