This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at https://www.bbc.co.uk/news/business-44928892

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Tesla shares hit by report it is seeking refunds Tesla shares hit by report it is seeking refunds
(about 4 hours later)
Tesla shares have fallen by more than 5% following a report that it is seeking refunds from suppliers. Tesla shares have fallen following a report that it is seeking refunds from some suppliers.
The electric carmaker, which is headed by Elon Musk, told suppliers the refunds were critical to its ability to stay in business, according to the Wall Street Journal.The electric carmaker, which is headed by Elon Musk, told suppliers the refunds were critical to its ability to stay in business, according to the Wall Street Journal.
Tesla did not respond to a BBC request for comment. The refund request applies to money that Tesla has paid to some suppliers since 2016, according to the Journal.
The company told the Journal that the appeal was a standard part of procurement negotiations. Tesla said the appeal was a standard part of procurement negotiations.
The refund request applies to money that Tesla has paid to some suppliers since 2016, according to the Journal. The newspaper said it was unclear how many companies had received the request. In a statement released Monday, the firm said it had asked fewer than 10 companies to discuss costs related to projects that dated to 2016.
"The remainder of our discussions with suppliers are entirely focused on future parts price and design or process changes that will help us lower fundamental costs," it said.
Initially, Tesla shares dropped by more than 5% on Monday morning as investors responded to the report, although they recovered some ground later.Initially, Tesla shares dropped by more than 5% on Monday morning as investors responded to the report, although they recovered some ground later.
Production milestoneProduction milestone
Tesla is pushing to improve its financial position as it spends heavily to boost production of its latest car, the Model 3. Tesla is pushing to improve its financial position after spending heavily to boost production of its latest car, the Model 3.
Last month, the firm said it would lay off about 9% of its workforce. It has said it is looking to reduce spending on capital projects. The firm also announced it would cut about 9% of its workforce.
It also said it had finally hit its target of making 5,000 Model 3 cars in a week at the end of June - a milestone that could mean it starts receiving payments to alleviate its cash crunch. Earlier this month, Tesla also said it had finally hit its target of making 5,000 Model 3 cars in a week at the end of June - a milestone that could mean it starts receiving payments to alleviate its cash crunch.
Chief executive Elon Musk has dismissed worries that the firm will run out of cash and needs to raise more money. Chief executive Elon Musk has dismissed worries that the firm will run out of cash and need to raise more money.
Instead, he has told investors that he expects the firm to turn a profit in the third quarter of this year.Instead, he has told investors that he expects the firm to turn a profit in the third quarter of this year.