Situation plummet! Tesla what happened this year?

In the second half of last year, tesla realized the company set up for the first time since the 16 years of continuous profitability. Just when investors thought the tesla is better up, the situation is urgent.

since this year, tesla share prices have been falling, in the year of 332 dollars, fell to less than $200. Once tesla long Adam Jonas of Morgan Stanley analyst, recently not only shares under the tesla pessimistic expectations, from $97 to $10, said tesla will face restructuring and even bankruptcy risk.

Adam Jonas is one of the early supporters of tesla. In 2011, he called out the tesla share price target of $70, tesla had just listed a year, share prices only $23. He also called Morgan Stanley & other; The mad scientist & throughout; Fame, in Wall Street.

on April 4, 2019, musk in Manhattan federal court on the securities and exchange commission ( SEC) Sue his fraud settlement agreement in violation of the previous hearing, source: Getty Images

& other; We face a tough challenge machine: let's car, battery and solar energy products, more competitive than fuel on cost. We have made great progress, but our product is too expensive for most people. ”

in January this year, musk E-mail to the staff, has announced plans to cut about 7% of the employees. Seven months ago, tesla cut by 9%. Downsizing is said to be the main focus on sales, delivery, and production team of the Model and the Model S X.

tesla has couldn't afford to so many full-time employees. Musk said in 2018, tesla's staff increased by 30%, which is beyond the tesla's capacity. This round of cuts designed to ensure parity products ( 3. $50000, range 220 miles of Model 3) At the same time, to maintain profitability.

in order to profit, launched in March to online sales model, save operating costs, such as a sales drive. Not only that, musk also announced that tesla future comprehensive transformation of the online sales, retain only a small number of stores to display.

on May 20, tesla announced its most expensive will reduce the price for two Model, the Model S price $3000, the Model suvs depreciate $2000 X. The offset the price after a small rise in price.

tesla did not say whether related to sales prices. The Model and the Model S X sales halved in the first quarter. Over the past three months, the Model and the Model S X dropped three times.

in May this year, tesla has just completed the financing of $27. However, the financing can barely fill the deficit of working capital. In the first quarter, tesla's working capital deficit reached 27. 700 million dollars. The securities and exchange commission (before

SEC） , chief economist at Chester Spatt to Business Insider said, if it is last price high, tesla much easier, and a low profile to receive money. Now, at have been keeping a close eye on.

if you can't return to profitability as soon as possible, also can't get financing, tesla soon face a cash crisis. In march of this year, tesla repaid the 9 with cash. Convertible bonds of $200 million, on November 5. $6. 6 billion convertible bond maturity, with $1. 4 billion in March 2021 when the bond matures.

China's auto market in the cold, let the demand side has become increasingly uncertain. RGL association, according to data from April, the Chinese passenger car sales fell 17. 7% to 157. 490000 units. Morgan Stanley analyst Adam Jonas even argue that trade tensions under China's orders are expected to be halved.

what's worse is that tesla has already broke through 200000 delivery limits for the tax credit to the second half of this year, the American taxpayer purchases the tesla electric cars to enjoy tax credit will continue to decrease, this will further impact tesla's sales.

musk openly said earlier this month, tesla motors, solar energy and the energy business is the icing on the cake, autopilot can put tesla into a company has a market value of $500 billion. Say this sentence, tesla's market value and $42 billion, only $34. 1 billion after tumbled yesterday.

but mature automatic driving distance seems to be some distance. According to the report, released last week by the national transportation safety board in March Model 3 driving accident, killed the driver opens the Autopilot mode.

　　“ Tesla has not a real growth story, more like a story about bad credit and restructuring. ” Once the bull, Adam Jonas of Morgan Stanley, although also to tesla maintained the target price of $230, but has obvious controversy.

Wedbush Securities analyst Dan Ives in last Sunday's report, tesla want to achieve a profit in the second half of the year, comparable to climb mount Kilimanjaro difficult ( The highest mountain in Africa) 。 He was once tesla's bulls.

not too optimistic about tesla was more than analysts. Since 2015 investment tesla's T. Rowe Price fund, in the fourth quarter of last year due to the half of the company, in the first quarter of this year to sell about 92% of the remaining shares. The fund had held up to 10. 12%, is one of the five shareholders tesla, quarter after sells its stake of less than 1%.