Tesla is losing top talent and facing a cash crunch at a critical juncture that could kill the company
Tesla is losing top talent and facing a cash crunch at a critical juncture that could kill the company
- As Tesla struggles to ramp up Model 3 production, it is embarking on a serious reorganization.
- At least 10 senior-level employees have left Tesla since November.
- The company has promised it won't need to raise more money outside of its existing credit lines this year.
Odd Anderson | AFP | Getty Images
Tesla's CEO Elon Musk
While adoption of electric vehicles is picking up around the world, industry pioneer Tesla is facing a critical juncture and has started what CEO Elon Musk has characterized as a "thorough reorganization" of the company.
Shares fell 3 percent on Monday in a mixed market.
What's putting the most pressure on the carmaker?
Tesla is losing top talent
Tesla is losing top talent at a time when good morale is needed to help the company meet its aggressive Model 3 production goals.
Over the past seven months, at least nine employees at the senior management level or higher have left Tesla, and one is taking a leave of absence.
The list includes:
- Doug Field, senior vice president of engineering and the company's top vehicle engineer, who was announced on Friday to be taking a leave of absence
- Matthew Schwall, director of field performance engineering, the main technical contact with U.S. safety investigators
- Eric Branderiz, chief accounting officer and chief corporate controller
- Susan Repo, corporate treasurer and vice president of finance
- Jim Keller, vice president of Autopilot and low voltage hardware
- Jon McNeill, president of global sales, marketing, delivery and service
- Celina Mikolajczak, senior manager of battery technology, cell quality and materials analysis
- Jon Wagner, senior director of battery engineering
- William Donnelly, vice president of global financial services and president of Tesla Finance
- Jeff Evanson, vice president of global investor relations
Tesla is dealing with four separate federal investigations into crashes involving its electric vehicles. The investigations are to evaluate whether Tesla's battery technology or Autopilot systems may have caused these collisions.
Its relationship with regulators has eroded in recent months. In April, the National Transportation Safety Board "revoked" Tesla's status as a party to its investigation of a fatal crash involving a Model X with Autopilot engaged.
More recently, the National Highway Traffic Safety Administration contradicted Tesla's claims. Tesla previously said that the NHTSA found its Autopilot technology reduced crashes significantly, but the agency said later that its regulators never actually tested the system's effectiveness.
Tesla is showing signs of financial distress.
The automaker ended 2017 with $3.4 billion in available cash and $9.4 billion in outstanding debt. That debt will come due as Tesla needs more capital to increase Model 3 production and start work on new products, including an updated Roadster, a new Model Y vehicle and the Semi.
On its first-quarter earnings call, CEO Elon Musk said, "Tesla does not require an equity or debt raise this year, apart from standard credit lines."
But financial columnist Jim Collins recently noted the company is taking some steps that are unusual for companies with strong finances, including creating a special-purpose entity for certain debt and collateralizing its Fremont factory.
Also, Moody's downgraded Tesla's credit ratings recently, changing its outlook to negative from stable, citing "significant shortfall" in the Model 3 production rate and a tight financial situation.
Model 3 manufacturing
Efficient, high-volume production of the Model 3 has remained elusive for Tesla. The Model 3 is Tesla's first electric vehicle aimed at the mainstream driver. And in many ways, the company's future depends on its success.
Tesla had aimed to make 2,500 Model 3 sedans a week by the end of the first quarter but missed that goal. It now promises to hit 5,000 a week by the end of the second quarter — a rate it earlier said it would achieve in 2017.
HERE IS A QUICK CAPSULE OF THE FACTS THAT TESLA MOTORS AND ELON MUSK WILL DO ANYTHING (EVEN THE MOST HORRIBLE THINGS YOU CAN IMAGINE) TO COVER UP. ALL OF THESE FACTS CAN BE PROVEN, WITH VOLUMINOUS EVIDENCE AND WITNESSES, IN A JURY TRIAL OR A PUBLIC CONGRESSIONAL HEARING:
Lithium ion batteries: Cause wars in the Congo, Afghanistan and Bolivia from the corrupt mining deals involved with mining lithium and cobalt; are insider trading-owned by ex-CIA boss Woolsey and DOE Boss Chu; excrete chemicals that mutate fetuses when they burn; destroy your brain, lungs and nervous system when they burn; kill the factory workers who make them; cause Panasonic to be one of the most corrupt companies in the world; poison the Earth when disposed of; can't be extinguished by firemen; poison firemen when they burn; are based on criminally corrupt mining schemes like URANIUM ONE; Have over 61 toxic chemicals in them; come from an industry that spends billions on internet shills and trolls used to nay say all other forms of energy; are insider-trading owned by corrupt U.S. Senators who are running a SAFETY COVER-UP about their dangers. Apple products with lithium ion batteries have been exploding and setting people on fire; over time the chemical dendrites inside each battery grow worse and increase the chances of explosion as they age - LITHIUM ION BATTERIES BECOME MORE AND MORE LIKELY TO EXPLODE AS TIME GOES ON AND AS THEY AGE; "Bad Guys" have figured out how to make them explode remotely; have their dangers hidden by CNN and MSM because pretty much only the DNC people profit from them; are the heart of Elon Musk's stock market scam. The Obama Administration promised Silicon Valley oligarchs the market monopoly on lithium ion batteries and the sabotage of fuel cells in exchange for campaign financing and search engine rigging; United States Senators that are supposed to protect us from these deadly products own the stock market assets of them so they protect them and stop the FDA, OSHA, DOT & NHTSA from outlawing them. WRITE YOUR ELECTED REPRESENTATIVE AND DEMAND THAT LITHIUM ION BATTERIES BE MADE ILLEGAL TO SELL! NiCAD and Hundreds of other battery chemistries DO NOT have all of these problems but Lithium Ion batteries get a monopoly because of politician insider trading ownerships. A recent fire on U.S. Highway 101 near Mountain View, CA, burned the driver alive and killed him. In Florida two kids died in a Tesla, burned alive, screaming in agony. A man died in agony in a Tesla crash in Malibu that set Malibu Canyon on fire. A young woman, at the start of life, and her boyfriend were burned alive in their crashed Tesla. There are many more deaths and crashes than you have heard about. The deaths and the cover-ups are endless. Senators Dianne Feinstein, Harry Reid, Nancy Pelosi, Kamala Harris and their associates own the stock in Tesla Motors and/or it's suppliers and mining companies and they cover-up and halt investigations and laws designed to save the public. They, and their crony's, spend over $1B a year to shill and troll hype about lithium ion batteries and cover-up the dangers. Lithium ion EVs are more prone to battery fires. Experts say that their lithium-ion batteries can fuel hotter fires that release toxic fumes and are more difficult to put out. Lithium ion fires keep reigniting which explains why it takes so long and requires copious amounts of water or foam (it is an electric fire, after all) to smother the flames. Tesla employee Bernard Tse and his team warned Elon Musk about these dangers in 2008 and they got fired and/or warned to "say nothing" by Musk. Three top Tesla engineers died in a plane crash next to Tesla offices in San Carlos after two of them agreed to become whistle-blowers.
Elon Musk exists because he bribed DNC politicians and Senators Feinstein, Reid, Boxer, Harris, Clinton and Pelosi to give him free taxpayer cash and government resources from the Dept. of Energy and the Calif treasury. DOE has been covering-up organized crime activities at DOE in which DOE funds are being used as a slush-fund to pay off DNC campaign financiers and to pay for CIA/GPS Fusion-Class attacks on Silicon Valley business competitors of those DNC campaign financiers who DOE staff share stock market holdings with. Elon Musk is a criminal, a mobster, an asshole, a bald fake-hair wearing, plastic surgery-addicted, douchebag, woman-abusing, sex addicted, tax evader. Musk exploits poor people and child slaves in the Congo and Afghanistan to mine his lithium and Cobalt. Musk spends billions per year to hire Russian trolls, fake blogger fan-boys and buy fake news self-aggrandizement articles about himself. Musk thinks he is the 'Jesus' of Silicon Valley. Fake News manipulator Google is run by Larry Page and Larry is Musk's investor and bromance butt buddy. Musk uses massive numbers of shell companies and trust funds to self-deal, evade the law and hide his bribes and stock market insider trading. A huge number of Tesla drivers have been killed; pedestrians and oncoming drivers have also been killed, and Musk covers it up. The DNC and the MSM refuse to allow any articles about Musk's crimes to be printed because they benefit from Musk's crimes. Musk has been professionally diagnosed as a 'psychotic narcissist.'A 'Silicon Valley Mafia; cartel of frat boy sociopath venture capitalists like Steve Jurvetson, Tim Draper, Eric Schmidt, et al; threaten those who do not support the cult of Tesla or their political candidates. In EVERY blog that you read that mentions 'Musk', at least 1/3 of the comments have been placed their by Musk's paid shills. Musk holds the record for getting sued for fraud by his investors, wives, former partners, employees, suppliers and co-founders. Elon Musk has gone out of his way to hire hundreds of ex-CIA staff and assign them to "dirty tricks teams" to attack his competitors and elected officials who Musk hates. Musk never founded his companies. Musk's "Starlink" satellites are domestic spy and political manipulation tools - never get your internet from one. Musk stole Tesla in a hostile ownership take-over from Marty the true inventor of the Tesla. The same kind of EMF radiation proven to cause cancer from cell phones exists in massive amounts in a Tesla. Musk can't fix a car or build a rocket and has almost no mechanical skills. If you pull a report of every VIN# of every Tesla ever built and cross reference that with insurance, repair and lawsuit records you will find that the "per volume" fire, crash, death and defect rate is THE WORST of any car maker in history! Musk is a lying con artist and partners with Goldman Sachs to rig the stock market. Sachs has a dedicated team of 18 men who rig stocks and valuation bumps for Musk. Over 1000 witnesses can prove every one of those claims in any live televised Congressional hearing! Senators Dianne Feinstein, Harry Reid, Nancy Pelosi, Kamala Harris and their associates own the stock in Tesla Motors and/or it's suppliers and mining companies. That is why they criminally help cover-up investigations of Tesla! All of this was reported, in writing, to James Comey, Patricia Rich and David Johnson at the FBI.
The DNC bosses own the stock in lithium, Solar and EV markets and use kickbacks from those markets (Especially via convoluted campaign finance laundering via Elon Musk) to finance the DNC. The DNC bosses use character assassination as their main political tool against any member of the public who speaks out against their felony stock market scams and PizzaGate-like scandals. The Harvey Weinstein reports by Ronan Farrow show that they have teams of hired goons that they pay to destroy people's lives. They use Black Cube, Mossad, In-Q-Tel, Stratfor, Gawker Media, Gizmodo Media, Media Matters, David Brock, Sid Blumenthal, NY Times, Google servers, Facebook servers, Podesta Group, Perkins Coie, Covington & Burling and a host of "assassins". It should be a felony to hire character assassins in the USA. DEMAND A LAW and DEMAND the termination of these attack services. IE: Gawker and Gizmodo Media sets-up the attack stories and, in paid partnership with Google, Google kicks their attack links around the globe, in front of 8 Billion people, forever. Google locks the attack articles of its enemies on the front top search results of Google search results forever, on purpose! That is why Google is being terminated in the largest, most well resourced anti-corruption public service take-down in history!
GAWKER AND GIZMODO MEDIA ARE USED AS CHARACTER ASSASSINATION SERVICES BY THE DNC, OBAMA AND ELON MUSK: GAWKER AND GIZMODO ATTACK PREGAME.pdf