Musk to review all of Tesla's expenses in new cost cutting plan

18 May, 2019, 04:41 | Author: Regina Silva
  • Judge Considers Whether To Hold Tesla Chief Executive Elon Musk In Contempt Over Tweet

Nevertheless, the California-based electric auto maker had entered into the solar panel business back in 2016 following Tesla head, Elon Musk's controversial acquisition of the loss-making SolarCity.

Tesla Inc. chief executive Elon Musk told employees he will increase scrutiny of the company's expenses in a bid to cut costs, Reuters reports.

In an email seen by the newswire, Musk warned staff: "That is why, going forward, all expenses of any kind anywhere in the word [sic], including parts, salary, travel expenses, rent, literally every payment that leaves our bank account must (be) reviewed".

"When your revenues aren't improving, you have to look at other ways to boost the bottom line, and that's continued cost cutting", said CFRA Research analyst Garrett Nelson. "It raises a lot of red flags".

After the National Transportation Safety Board linked Autopilot to a fatal crash in March, Consumer Reports called for Tesla to make immediate changes to restrict drivers from using the system in unsafe conditions, and said the company needs to more effectively monitor driver engagement.

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The Verge notes that this crash is at least the fourth fatal incident involving a Tesla vehicle with Autopilot enabled. The first of these came in 2016 when Joshua Brown was killed in his Model S after it collided with a semi-trailer truck.

The vehicle drove beneath the trailer, killing the driver, in a crash that is strikingly similar to one that happened on the other side of Florida in 2016 that also involved use of Autopilot.

"We are deeply saddened by this accident and our thoughts are with everyone affected by this tragedy".

As was the case a little over a year ago, Tesla is also dealing with criticism of Autopilot following the death of a customer using the driver-assistance system.

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