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

Darnell Taylor
May 18, 2019

Even though Tesla's stocks are not in their best condition, it is still the biggest manufacturer of EV in the world, and people love Tesla and love Tesla cars.

Tesla surged earlier this month after it announced that it would raise $2 billion through a stock issuance and convertible notes.

Tesla Inc Chief Executive Officer Elon Musk told employees on Thursday that he will increase scrutiny of the company's expenses in his latest initiative to cut costs at the electric auto maker.

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".

Tesla was under pressure on Friday, down more than 4%, after the National Transportation Safety Board said the Autopilot feature was engaged during a deadly crash that involved a Model 3 sedan.

In a preliminary report on the March 1 crash, the NTSB said that initial data and video from the Tesla show that the driver turned on Autopilot about 10 seconds before the crash on a divided highway with turn lanes in the median.

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In May 2016, a Tesla Model S driver was killed near Williston, Florida, while Autopilot was engaged, when he slammed into a tractor trailer that also sheared off the vehicle roof.

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.

Tesla said it was "deeply saddened" by the accident, and that its "thoughts are with everyone affected by this tragedy".

"When used properly by an attentive driver who is prepared to take control at all times, drivers supported by Autopilot are safer than those operating without assistance, " the company said.

The NTSB's report comes just a week after a porn star made waves for posting a video of herself having sex with her boyfriend in the front seat of a Tesla driving on Autopilot.

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