Theme: EV Cash Burn

New 2022 theme added July 23, 2022.

Updates

May 14, 2024: cash burn at Fisker; seeking bankruptcy protection?

March 2, 2023: EV cash burn, particularly Rivian, Arrival.

Original Post 

Re-posting:

Ford: Bloomberg --

• will cut 8,000 jobs to help fund EV investment
• reductions seen coming from the Ford division that is producing gas-fueled models 
  
• CEO: Ford profit hampered by having "too many people"
• boardroom
• CEO: "ICE division -- we have to cut; we need cash to fund EV development"
• head of ICE: "So, we're hitting on all cylinders; making money hand-over-fist; our people are incredible; putting out a product the US consumer wants; we're meeting / exceeding all expections; and the reward for our union members is to cut 8,000 well-paying jobs?"
• CEO: "Yes. Now, back to EV. Bill, when do you see turning a profit in EVs?"
• CEO: "Bill?"
  

Tesla: more comments over at twitter about Tesla selling bitcoin

• appears to have bought at about $33,000
• appears to have sold for about $29,000
• if accurate, did great job minimizing loss
• many think the bitcoin sale accounts for company's "free cash flow" this past quarter
• whether accurate or not, a question and an observation:
• is that why Tesla sold? Nope, Tesla sold to stop losing money; they saw where bitcoin was headed
• folks are using the phrase "free cash flow" too often; I wouldn't consider selling bitcoin "free cash flow"; it might be "cash" but it really wasn't "flow" as in continuous revenue stream from ongoing operations