The combined business would be owned 50/50 between shareholders of FCA and Groupe Renault.Autosread more
Pro-EU parties are set to hold onto two-thirds of the seats at the EU Parliament.Europe Politicsread more
The U.S. is showing signs of targeting China's domestic surveillance and the tech supporting it.Technologyread more
Smartphone users in Singapore, the U.K. and China told CNBC's "Beyond The Valley" that foldable smartphones are "very strange," "super bulky," and expensive compared to the...Technologyread more
The result comes shortly after Conservative Party leader Theresa May announced her resignation as prime minister on Friday morning.Europe Politicsread more
Investors are largely focused on results of the EU parliamentary elections. Euroskeptic parties in Britain and France made solid gains.Europe Marketsread more
Former Apple CEO John Sculley says this skill is vital to all great business leadership.Successread more
A Beijing decision to rapidly and sharply cut its excessive and unsustainable trade surplus with the U.S. would change for the better the bilateral relationship, writes...World Economyread more
Prime Minister Narendra Modi has to make sure that India becomes a highly competitive manufacturing hub where global investors will look to invest, the chairman of India...Asia Economyread more
U.S. President Donald Trump said Monday he expects to get the trade gap with Japan "straightened out rapidly," adding that announcements on that could come as soon as August.World Economyread more
Bitcoin surged more than 9% from the day before to hit its highest level in more than a year.Technologyread more
(Adds details on previous cost cutting efforts, mixed offering)
May 16 (Reuters) - Tesla Inc Chief Executive Officer Elon Musk told employees on Thursday that he will increase scrutiny of the company's expenses in his latest initiative to cut costs at the electric car maker.
Tesla earlier this month closed a $2.7 billion offering of stock and convertible notes, giving it much needed cash as it ramps up production.
Musk in an email to employees, seen by Reuters, said its net proceeds from the offering gave Tesla only 10 months to achieve breakeven at the rate it was burning cash in the first quarter.
"That is why, going forward, all expenses of any kind anywhere in the word, including parts, salary, travel expenses, rent, literally every payment that leaves our bank account must (be) reviewed," Musk said.
Tesla's attempts to cut costs are not new. In April 2018, in an email sent to employees, Musk said he had instructed his finance team to "comb through every expense worldwide" to find possible cuts.
More recently, Tesla laid off 9 percent, and 7 percent of its workforce in June 2018, and January, respectively.
The new initiative comes after a tumultuous year for Tesla which has seen analysts and investors cast doubt on its ability to produce, sell and deliver enough cars to make a sustainable profit.
(Reporting by Uday Sampath in Bengaluru; Editing by Shinjini Ganguli and Cynthia Osterman)