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Tesla stock skids on reports it asked suppliers for refunds

Updated : July 24, 2018 06:53 AM IST

A memo provided to The Wall Street Journal shows the electric car maker asked a supplier to return what it calls a meaningful amount of money on its payments since 2016.
Tesla stock fell 3.5 percent to $302.61 Monday afternoon. It's down from a peak of $385 in September, with many investors growing concerned about Tesla's spending and its ability to meet its production goals.
Tesla had $2.7 billion in cash on hand at the end of the first quarter and many experts think it will need to raise money soon.
Tesla stock skids on reports it asked suppliers for refunds
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