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Tesla CEO Elon Musk Decides to Personally Examine, Review all Tesla Expenses

Currently Tesla’s market value is $61 billion and Musk has an estimated net worth of $20.1 billion, making him the 80th richest person in the world

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Tesla CEO Elon musk, board
Tesla CEO Elon Musk. (VOA)

To cut losses, Tesla CEO Elon Musk has decided to personally examine and review every expenditure at Tesla, no matter how small, alongside Zach Kirkhorn, the company’s Chief Financial Officer (CFO), the media reported.

Musk informed his Tesla team about the decision over an email that was sent to all employees, Electrek reported on Thursday.

The new cost-cutting initiative involves examining every payment, including “parts, salary, travel expenses, and rent.”

Referencing to the loss of $702 million that the automaker suffered last quarter, Musk said the step is “extremely important”.

Slowing sales were bad news for Tesla because the company always needs cash in order to pay its sizable debts, according to analysts. Tesla had a $2.2 billion cash position at the end of last quarter and Musk said that it would not last that long with their burn rate.

“This is a lot of money, but actually only gives us about 10 months at the Q1 burn rate to achieve breakeven,” the report quoted Musk as saying in the email.

Elon Musk. Wikimedia Commons

The Tesla CEO has granted the employees a few weeks to regularise, own and improve their work-related expenses. “This is hardcore, but it is the only way for Tesla to become financially sustainable and succeed in our goal of helping make the world environmentally sustainable,” Musk added.

The new cost-cutting effort comes after Tesla laid off many employees in another attempt to reduce cost, the report added.

Earlier this month, Tesla also closed a massive $2.7 billion capital raise in order to support its operations.

Also Read- Sony, Microsoft Team up on Cloud-based Gaming Services

Meanwhile, social media was taken by storm when Musk revealed that he himself puts in 90-120 hours of work per week to keep Tesla alive.

Last year, after Tesla first achieved a Model 3 production rate of 1,000 units per day, Musk turned his focus to costs and encouraged everyone to make contributions.

Currently Tesla’s market value is $61 billion and Musk has an estimated net worth of $20.1 billion, making him the 80th richest person in the world. (IANS)

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Usage of Lithium-ion Batteries Revolutionizing the World

Lithium-ion Batteries have revolutionised Technology in the World

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Lithum-Ion Battery
A Lithium-Ion Battery for Samsung Mobile Phone. Wikimedia Commons

Be it smartphones, notebooks or electric cars, lithium-ion batteries have revolutionized our world, laying the foundation for a wireless, fossil fuel-free society, the Royal Swedish Academy of Sciences said on Wednesday while awarding the 2019 Nobel prize in Chemistry to John Goodenough, Stanley Whittingham and Akira Yoshino.

The Li-ion technology is currently the best performing technology for energy storage based on batteries. Li-ion batteries are used in small electronics (smartphones, laptops etc) and are also the best options for electric cars.

In the 1970s as the world stared at oil crisis, Whittingham from Binghamton University in the US, American professor and solid-state physicist Goodenough (currently at the University of Texas at Austin) and Japanese chemist Yoshino advanced the development in the field through the 1980s.

Since Lithium is the lightest metal, using lithium ions made batteries lighter.

The lithium-ion batteries were launched commercially by Sony and Asahi Kasei Corporation in 1991.

Today, the race is on among the stakeholders to find a battery that can let users enjoy time on their devices without worrying about the charge.

Researchers from the University of Alberta recently developed a new battery technology that could provide 10 times more charge capacity compared to the lithium-ion power packs.

This battery technology utilizes silicon nanoparticles as an electrode for the lithium-ion batteries. Silicon is abundant, and the substance only costs around a third of the price of high-purity graphite, which sells for more than $10,000 per metric ton.

Going forward, smartphones will sport graphene batteries that charge swiftly, and will mark a quantum leap from the fast charging technologies and the current default of lithium-ion batteries.

Technology Entrepreneur speaking
Elon Musk, a technology entrepreneur in the above picture. IANS

When it comes to electric cars, Elon Musk-run Tesla has achieved great deal of efficacy in this field and is now aiming to create a lithium-ion battery that can run a car or an electric truck for over 16 lakh kms.

Current Tesla cars can achieve about 8 lakh kms out of their batteries before they face any serious problem.

A new research paper from Dalhousie University in Nova Scotia, Canada has claimed the Jeff Dahn-led team is close to creating a lithium-ion battery that can run a car for over 1 million (over 16 lakh) miles.

For more than a decade, Tesla engineers have been obsessed with making the world’s most efficient electric vehicles.

As a result, Tesla vehicles already travel farther on a single charge than any other production EV on the market.

Model S and Model X cars can achieve nearly 600 kms and 525 kms per charge on a 100 kWh battery pack.

Tesla’s choice of cylindrical cells sets it apart from other EV players. The company also uses a liquid-cooled thermal management system to manage battery temperatures whereas other automakers take a more economical air-cooling approach.

By adjusting the temperature of the battery pack, Tesla is able to ensure that cells are operating in their most efficient and optimal states, thereby maximizing battery longevity as well as performance.

It has been argued that lithium will be one of the main objects of geopolitical competition in a world running on renewable energy and dependent on batteries.

Current research areas for lithium-ion batteries include life extension, energy density, safety, cost reduction and charging speed, among others.

 ALSO READ: US: Infections from Three Sexually Transmitted Diseases Hit New Highs for Fifth Consecutive Year

Research has also been under way in the area of non-flammable electrolytes as a pathway to increased safety based on the flammability and volatility of the organic solvents used in the typical electrolyte. (IANS)