Tesla suffered a minor setback a month ago after a Model S crashed fatally while on auto-pilot. But its founder has some great news. Or strange according to some.
After the great success of their Falcon rocket launch which transported important equipment to the International Space Station last month, the company expanded towards other sectors.
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The cargo delivery was a step forward from the company’s previous model which met with a fatal accident during its launch.
A self-taught programmer with a firm eye on innovation and technology, Elon Musk has stumped the world once again, but this time for all the wrong reasons. The company’s success seems unmatched based on Musk’s phase one plan. As for phase two, little good can be said.
Elon Musk has just released a to do list that highlights what his visions are for the company. One that has established quite a name for itself in such a short time. A mission statement titled- “Master Plan, Part Deux” was released a day ago and stunned people online with what was detailed. The Paypal founder’s manifesto has raised a lot of eyebrows from all over who doubt whether it can even fulfill its promises.
To summarize, Elon Musk plans on altering the way we look at the automobile industry. However, it’s been anything but smooth sailings ever since. Shares for the company fell 3.4 % to $220.50. Investors cited that the new projects will only add pressure to the company’s existing billion dollars of debt. They further fear that it’s only a short term profit pool.
Despite raising $1.7 billion dollars in May, the company reported only one profitable quarter in the previous months. Analysts also believe that Tesla might revert back to their investors to fund the projects which could hinder revenue interest.
He stated that creating a car company is ‘idiocy’ and creating an electric car company is ‘idiocy squared’. Regardless of the abrupt economy and the climate of startup companies going bankrupt, he still maintains his best game face and hopes for a fruitful future.
Meanwhile truck manufacturers have reacted positively to the announcement and admired the cost reductions from driver-less pickups. Such technology amounts to an average of $50 to $75 million dollars. And that’s just the production line. Investing giants like Standard & Poor’s have put their investment run on hold when it comes to Tesla fearing that it will result in a cash flow sink hole.
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