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.
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