Musk delivers a mixed bag for Tesla shareholders as another CFO leaves
San Fransisco — Elon Musk delivered a mixed bag for Tesla shareholders, reassuring that his mass-market electric sedan will arrive on time in July, while disclosing the departure of a senior executive and warning the company will probably need another cash infusion. The Model 3 electric sedan remains on schedule and will reach production of about 5,000 units a week by the end of the year, Tesla said on Wednesday. Reassurances from Musk on the car’s timing are relieving the fret over whether the company can overcome its long history of product delays. Management ranks, on the other hand, remain unstable — chief financial officer Jason Wheeler, who joined the company about 15 months ago, will leave in April. Priced at close to $35,000 before incentives, the Model 3 looms as the linchpin in Tesla’s plans to manufacture at high volumes and achieve the profitability that’s eluded the company in all but two quarters since going public. After a loss for the final three months of last year,...
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