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3 Awesome Things Tesla Can do To Make More Money

It looks like Tesla is winding up for another round of cost-cutting measures, at least according to its CEO, Elon Musk. Thanks to an email intercepted by Electrek, we know that Musk intends to pursue a hardcore attempt to cut costs. 

It looks like Tesla is winding up for another round of cost-cutting measures, at least according to its CEO, Elon Musk. Thanks to an email intercepted by Electrek, we know that Musk intends to pursue a hardcore attempt to cut costs. 

Saving money is great and all, of course, but finding additional avenues for income would be an awesome idea as well.

Tesla Cost Cutting To Control Financial Bleed

Since the first quarter ended with massive losses of $700 million, Musk is concerned that the company will soon run out of funds at the current burn rate. Even with $2.2 billion in cash left to work with at the end of last quarter, he believes that those funds would only last Tesla about 10 months. As a result, he wants to examine all expenditures personally. This includes payments for things such as parts, salaries, travel expenses, and rent. 

From today forward, both he and Tesla’s new CFO, Zach Kirkhorn, will be reviewing every payment that Tesla makes. Kirkhorn will review and sign each page of outgoing payment paperwork, while Musk signs every tenth page.  They hope that this scrutiny will encourage employees to find ways to reduce their spending and improve financial efficiency. 

Other Ideas To Raise Income

While such intense financial scrutiny is sure to help at least a little, there is more that Telsa could do in order to improve their financial situation.  The host of E For Electric, our own Alex Guberman, has some ideas on the matter that just might work. 

Idea 1: Convenience Stores

Guberman’s first idea is to create Tesla ‘convenience stores’ centered around some supercharging stations, such as the one located in Kettleman City, CA.  Owners are already hanging out in these spaces as they wait for their cars to charge, so it only makes sense to take advantage of this and provide other amenities for them to partake of.  Add a coffee shop, a grab-and-go food counter, a place to grab a book or a magazine, some vending machines, stuff like that.  Turn recharging into a casual break to relax and socialize, and money can be made from the drivers who are waiting around.

Idea 2: Work With Influencers

Another suggestion that Guberman has is for Tesla to spend more time working with influencers, fans, and community leaders.  Tesla does not spend money on marketing, but it would not take a lot of investment for them to receive a lot of return.  (The folks in the press department could also work a bit on their people skills, Tesla.)  Most Tesla influencers do not get travel expenses paid or press passes to Tesla events, and only attend if they have “earned it” by selling enough Tesla vehicles through the referral program.  That means that a lot of potential outreach is being nipped right in the bud, resulting in all sorts of lost opportunities for Tesla. 

Idea 3: Apps

Lastly, Guberman is pointing towards apps.  Apps are a huge draw for any smart device, and Tesla vehicles are certainly included, so apps for cars are bound to be on the cusp of exploding in popularity.  So, Tesla, create an app store!  Let people create them!  Obviously, they should not be allowed to control the cars and should reside in a “sandbox” where none of the driving features are affected.  But if Tesla takes a percentage of all sales like Apple and Google do in their stores, this could provide the electric car manufacturer with a tidy stream of income.

One comment

  1. I dont know why it has not occurred to the existing gasoline stations.

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