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

(Reuters) – 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 car maker. Musk in an email to employees, seen by Reuters, said its net proceeds from the offering gave Tesla only 10 months to achieve breakeven at the rate it was burning cash in the first quarter. In April 2018, in an email sent to employees, Musk said he had instructed his finance team to “comb through every expense worldwide” to find possible cuts.

Source: www.reuters.com