After estimating that the novel coronavirus (COVID-19) outbreak in China would only cause their business a week-and-a-half production delay, Tesla now acknowledges 'health epidemics' as a material risk in their annual financial filing.
Tesla recently estimated that a novel coronavirus outbreak in China would only cause their business a week-and-a-half production delay.
"At this point, we're expecting a one to one-and-a-half week delay in the ramp of Shanghai built Model 3 due to a government required factory shutdown. This may slightly impact profitability for the quarter, but is limited as the profit contribution from Model 3 Shanghai remains in the early stages. We are also closely monitoring whether there will be interruptions in the supply chain for cars built in Fremont. So far we're not aware of anything material.
Tesla CEO Elon Musk on the same call that, even though shares were soaring higher by the week, he had no plans to raise capital, and Tesla would focus on lowering the cost of its battery production instead. "We are still generating positive cash. In light of that, it doesn't make sense to raise money because we expect to generate cash despite this growth level," he said.So far, COVID-19 has taken at least 1,369 lives and infected more than 60,300 people.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock market live updates: Dow up 200, Charlie Munger comments on Tesla and moreStock market live updates: “I would never buy [Tesla] and I would never sell it short...I think Elon Musk is peculiar and he may overestimate himself, but he may not be wrong all the time,” Charlie Munger said.
Read more »
Charlie Munger praises China, laments dying newspapers, won't buy or short TeslaCharlie Munger, the longtime business partner of Warren Buffett, on Wednesday sa...
Read more »
Tesla is recalling 15,000 Model Xs because of a power steering issue - Business InsiderTesla is recalling most of the Model X SUVs it built before October 2016, the electric-car maker said on its website.
Read more »
Tesla recalls 15,000 Model X SUVs for power steering issue in North AmericaTesla Inc is recalling 15,000 Model X SUVs because of a potential issue that can...
Read more »
Tesla on autopilot had steered driver towards same barrier before fatal crash, NTSB saysThe driver who died after his Tesla crashed into a highway barrier while using autopilot had previously complained about the system aiming him towards the same barrier, according to newly released documents from the NTSB.
Read more »
Tesla seeks approval to build longer range Model 3s in ChinaTesla Inc is seeking approval from Chinese regulators to offer a new China-made ...
Read more »