Tesla will run out of cash on Monday August 6, at 2.17am New York time. So says an analysis by Bloomberg, which claims the electric-car maker is burning through its cash pile at the rate of $8000 a minute, or $480,000 an hour.
Tesla would dispute the analysis, since it is increasing output of the Model 3, which will see money come in rather than out. But it still seems likely Elon Musk’s company will need to raise cash at some point.
Last week Musk said he would ask customers to pay $250,000 upfront for a Founders Series Roadster, even though they won’t get the car for two years. If all 1000 of the cars are sold, that would bring in $250 million. Kevin Tynan, an analyst with Bloomberg Intelligence, estimates Tesla will be required to raise at least $2 billion in fresh capital by mid-2018.
He said: “Whether they can last another 10 months or a year, he needs money, and quickly.”