Tesla's stock and bonds tumbled on Monday as investors worried about the au...
SAN FRANCISCO - Tesla’s stock and bonds tumbled on Monday as investors worried about the automaker’s cash burn and problems with an Autopilot system that CEO Elon Musk has held out as key to the electric car maker’s future.
Investors were also spooked after Musk told employees on Thursday he would increase cost-cutting and that $2.7 billion in recently raised capital would give Tesla just 10 months to break even at the rate it burned cash in the first quarter.“We believe that the NTSB report could cast doubt on TSLA’s self-driving capabilities, which have been highly touted by Mr. Musk,” Needham analyst Rajvindra Gill wrote in a client note on Monday.
Tesla’s $1.84 billion convertible bond due in 2024 was priced at 92.8 cents on the dollar, a low since it was issued earlier this month. Its $977.5 million 2022 convertible bond was also at an all-time low, trading at 96.46 cents on the dollar, down from 125.68 cents in January. Its $1.8 billion junk bond was trading at a five-month low of 84.25 cents on the dollar.
Musk is battling to convince investors that demand for the Model 3, the sedan targeted to propel Tesla to sustainable profit, remains high, and that it can be delivered efficiently and swiftly to customers around the world. Tesla lost $702 million in the first quarter and warned that profit would be delayed until the latter half of the year.
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