>> Shares of Tesla sank more than 5% on Monday following a report saying the electric car maker has reached out to some suppliers and asked for its money back. That's according to a report from the Wall Street Journal citing a memo which described the request for refunds as essential to Tesla's continued operation, and characterized it as an investment in the car company to continue long term growth between both parties.
One analyst saying, quote, retroactive rebates is not something we hear much about, and this is troubling for us to hear. CEO Elon Musk has been burning through cash as Tesla ramps up production of its Model 3 sedan, but Musk has said the company does not need to raise any money this year.
Last month, Tesla said it was cutting several thousand jobs across the company in a bid to slash costs and become sustainably profitable without endangering the ramp up of Model 3 production.