Despite the fact that its Model S won plaudits as almost everyone’s Car of the Year in 2012, Autoblog Green is reporting that at least one analyst (MarketWatch tech investor John Shinal) says the company is dangerously low on cash:
Shinal said the Tesla’s financials were worse off than struggling post-IPO internet companies Zygna and Groupon. “As of September 30, Tesla had cash and short-term securities of $86 million, down from $280 million at the start of the year,” he stated. “That leaves Tesla with less than six months’ worth of cash, given that it burned through almost $200 million during the first nine months of 2012.”
Tesla itself had “no comment” about all this when AutoblogGreen contacted it. The company is in the midst of big plans to install fast electric chargers along the east and west coasts and to launch a new Vehicle, the Model X. Will these plans come to fruition?