With auto sales slammed by COVID-19, Musk sticks to his vision of a beautiful future for Tesla. But what about cash?
Used-vehicle auctions are for now virtually paralyzed, much like the rest of the economy.
Thursday’s 10-Q report said that Tesla has “assessed the impact” of the COVID-19 pandemic and is “not aware of any specific events or circumstances” that require the company to update the value of its assets and liabilities. The company has never registered an annual profit since it went public in 2010. But it’s stayed alive so far because Musk has proved himself a master at raising money. While losses have mounted, Musk kept selling stock and issuing debt, a total of $18.45 billion to date. That includes a $2.3-billion stock sale in February.Workers coming off the March 17 night shift wait to board buses at Tesla’s Fremont factory.
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