Car Industry

Tesla is buckling down for some 'hard-core' cost-cutting, report says

The brand took a beating last quarter and CEO Elon Musk is reportedly taking steps not to repeat that performance.

CEO Elon Musk

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To say that Tesla's last earnings report wasn't ideal would be kind of an understatement. "Bleak" might be more accurate. Financially, the EV maker was looking a little battered and to kick-start some growth and development, Tesla raised a massive pile of cash -- $2.7 billion, to be exact.

Now, according to a report Thursday by Electrek, Tesla CEO Elon Musk will be keeping a close eye on where that $2.7 billion is going. Expect "hard-core" cost-cutting, and the first step will be extremely close oversight of all expenditures, according to an internal email obtained by Electrek.

Tesla's newly minted CFO, Zach Kirkhorn, will personally oversee and sign every page of outgoing payments, while Musk himself will put eyes and pen on every 10th page. The goal is to trim the fat from everything, including parts costs, building rent and employee salaries. Whether with these cost-cutting measures will come another round of layoffs remains to be seen.

Tesla may have a hard road ahead, but it's done extraordinary things in the past when it was forced to tighten its belt, and we'll be interested to see if it can repeat those results this time around.

Tesla didn't immediately respond to Roadshow's request for comment.