RISK MANAGEMENT AND INSURANCE

PROJECT N°2 - TESLA

TUBERT, Hugo.
ICART Matteo.
BERSANOUKAEV Idan.
PIGATO Martin,
BERNOUSSI Emma

Working Paper
FALL Semester 23

November
2023

SKEMA BUSINESS SCHOOL

Corporate Finance BBA

1
Table of Contents
Introduction .......................................................................................................... 3
Operational Risks .................................................................................................. 4
OPR1: Gigafactories Production Dependence ............................................................. 4
OPR2: Political and Regulatory Change ..................................................................... 4
OPR3: ESG Criteria Expectations .............................................................................. 5
OPR4: Software Malfunction Risk .............................................................................. 5
OPR5: Cybersecurity Threat to Data Center .............................................................. 6
Financial Risks ....................................................................................................... 6
FIN1: Liquidity Risk ................................................................................................... 6
FIN2: Activity Risk ..................................................................................................... 7
FIN3: Debt Risk .......................................................................................................... 8
FIN4: Profitability ...................................................................................................... 8
FIN5: Return to Investors ........................................................................................... 9
Workforce risks ....................................................................................................10
WOF1: Skills and talent availability ......................................................................... 10
WOF2: Unionization risk .......................................................................................... 10
WOF3: Intellectual property risk.............................................................................. 10
WOF4: Diversity risk ................................................................................................ 11
WOF5: Workforce related regulations and compliance risk...................................... 11
Supply Chain Risks ................................................................................................12
SCR1: Weather Risk ................................................................................................. 12
SCR2: Demand Risk ................................................................................................. 13
SCR3: Supplier Risk ................................................................................................. 13
SCR4：Raw Material Risk ....................................................................................... 14
SCR5 ：Cyber Attack Risk ....................................................................................... 14
Sustainable Risk ...................................................................................................15
SSRPR1: Environmental impact Risk ....................................................................... 15
SSRPR2: Ethical Risk ............................................................................................... 16
SSRPR3: Health & Safety Risk ................................................................................. 16
SSRPR4: Climate Change Risk ................................................................................. 17
SSRPR5: Brand Image credibility Risk: ................................................................... 17
Reference: ............................................................................................................18
Appendix .............................................................................................................18

2
Introduction

American automaker Tesla Motors has been well-known and well-received for

its cutting-edge approach to electric vehicles. Since its founding in 2003 by Marc

Tarpenning and Martin Eberhard, Tesla has grown to become a major force in the

electric vehicle industry.

The Tesla Roadster, an all-electric sports car that has caught the attention of auto

fans all over the world, is the company's flagship product. The 2008 release of the

Roadster is renowned for its exceptional performance and remarkable range on a single

charge.

Tesla's utilization of cutting-edge technology and emphasis on sustainability

make up part of their USP. Elon Musk, the CEO of the company, is a forward-thinking

businessman who is devoted to promoting renewable energy alternatives. The electric

cars made by Tesla are not just renowned for not only for their superior performance

features and stylish looks, but also for their environmental friendliness.

Tesla intends to introduce other electric vehicles to its roster in addition to the

Roadster; the Model S sedan and the Model X SUV are drawing notice for their

remarkable range and cutting-edge features. To make sustainable mobility available to

a larger audience, the business has also revealed intentions to manufacture more

reasonably priced electric automobiles.

One of the main pillars of Tesla's business plan is its network of Superchargers,

which offers fast-charging locations so that owners may easily drive large distances.

Range anxiety is a prevalent problem with electric vehicles that is addressed by this

infrastructure.

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 When it comes to its financial performance, Tesla has faced both obstacles and

victories. The business has attracted investors and a devoted following. Overall, Tesla's

innovative approach to electric vehicles and its commitment to pushing the boundaries

of technology make it a fascinating player in the automotive industry. The company's

success and impact on the automotive landscape will continue to be closely watched in

the years to come, But to be able to do so, this paper will list and present the main risks

of the Tesla’s business, this by dividing it in 5 sections starting with the operational

risks, financial risks, workforce risk, supply chain risks and finally the sustainable risks.

Operational Risks

OPR1: Gigafactories Production Dependence

Tesla's operational risk register highlights a high dependence on crucial

elements such as lithium cells, nickel, aluminum, and cobalt, vital for battery

production in all Tesla products. The risk stems from potential price increases for these

components, which could significantly impact on the company's profit margin. With

an 80% probability and a 4% cost increase, the risk is actively managed by monitoring

commodity volatility. Mitigation strategies include exploring forward contracts and

hedging strategies to safeguard against price rises. Tesla's risk management team also

considers partnerships with mines or even direct ownership to secure a competitive and

stable resource inflow.

OPR2: Political and Regulatory Change

Operational Risk 2 outlines the sensitivity of Tesla to political and regulatory

changes, considering its leadership in the mass production of electric vehicles, a

practically new market in 2014. While favorable regulations on electric vehicle use

could boost consumer demand, adverse changes might pose a threat. The risk has a

70% probability that regulations are going to happen. This risk is monitored for
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potential impacts on Tesla's market position. The strategy involves staying informed

on political developments and ensuring regulatory compliance, as it is difficult to state

if these risks will be beneficial or not. Tesla actively engages in monitoring and

influencing policies to support electric vehicles and sustainable production.

OPR3: ESG Criteria Expectations

This operational risk addresses the evolving consumer expectations related to

environmental, social, and governance (ESG) criteria. In fact, for the moment, Tesla

and their electric vehicles are seen as leaders in the production of sustainable products,

which makes them more appealing. Changes in consumer preferences could impact

Tesla's constraints and increase future costs, as in fact, consumers could start to think

that Tesla’s products are not so sustainable. With a 55% probability, the risk is actively

accepted, as if it is probable that consumers’ demand change, there is nothing that could

lead us to think that consumers will stop consuming Tesla’s product because of the

sectors and clients they are targeting. The mitigation strategy involves maintaining high

consumer satisfaction levels. Tesla aims to adapt to changing trends and customer

demands, positioning itself as a luxury, innovative, and sustainable manufacturer in the

market.

OPR4: Software Malfunction Risk

The risk of software malfunctions leading to potential recalls is identified in

OPR4. With a 30% probability and a potential 3% impact on production costs, it would

decrease brand recognition and trust, thus impacting the selling price. Even if the cost

does not explicitly increase, the margin will decrease. The risk is actively avoided

through the IT department's awareness and the recurrent and systematic internal audit

of the products or uploads before they come out. The strategy involves ensuring the

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quality of the software used in Tesla products and regularly updating it with stable code

that has already been back-tested on private products before uploading it to the public.

This proactive approach aims to maintain a high level of security and prevent major

issues arising from software glitches.

OPR5: Cybersecurity Threat to Data Center

The final operational risk pertains to a potential cyberattack on Tesla's data

center, where large amounts of critical information are stored. With a low 3%

probability but severe consequences, including brand damage and legal actions, the

risk is actively transferred through insurance coverage. Tesla also has robust

cybersecurity measures and regular audits. In the event of a breach, Tesla has a recovery

plan in place, emphasizing transparency and a dedicated team for information recovery

and deletion.

Financial Risks

FIN1: Liquidity Risk

We are using three ratios to assess Tesla’s liquidity, and more precisely to

measure the company’s ability to pay off its current debt obligations without raising

excess money or entering in a distress situation.

The ratios (to simplify computations marketable securities have not been considered*):

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑎𝑠𝑠𝑒𝑡𝑠 26,717

- Current ratio = 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠 = 14,248 = 1.88

𝐶𝑎𝑠ℎ+𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠∗ 19,384+1,886
- Quick ratio = = = 1.5
𝐶.𝐿. 14,248

𝐶𝑎𝑠ℎ∗ 19,384
- Cash ratio = 𝐶.𝐿.
=14,248 = 1.36

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From these results we can obviously affirm the current financial stability of Tesla. The

high-tech car company has the capability to repay its whole current liabilities by using

only 74% of its cash account capacity. It demonstrates a net financial strength of the

company. Thus, liquidity risk is at this time avoided.

FIN2: Activity Risk

We are using three ratios to gauge the financial position of Tesla. This analysis

aims to understand how the car company’s managers efficiently allocate inventories

relative to sales and receivables.

The ratios:

𝐶𝑜𝑠𝑡 𝑜𝑓 𝐺𝑜𝑜𝑑 𝑆𝑜𝑙𝑑𝑠 (𝐶𝑂𝐺𝑆) 24,906

- Inventory turnover = = = 6.51
𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 3,825

This metric reveals that during this period Tesla turned its inventory every 56 days on

average during the period. This is translating a good rotation of the commodities and

the final products.

𝑁𝑒𝑡 𝑆𝑎𝑙𝑒𝑠 31,536

- Receivable turnover ratio = 𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠 = = 19.65
1,605

The ratio shows that Tesla has in average 19 days to wait before receiving payments for

receivables. It is a very good result for Tesla compared to its peers. For instance, Fords

as a receivable turnover ratio equal to 3.21 in 2023.

𝑁𝑒𝑡 𝑆𝑎𝑙𝑒𝑠 31,536

- Asset turnover = 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 = 52,148 = 0.6

The asset turnover is close to 1 therefore it is acceptable for the company. It is common

in company with important fixed assets as Tesla. For instance, Ford’s asset turnover is

equal to 0.68 in 2023.

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FIN3: Debt Risk

We assess Tesla’s leverage position. We are using to metrics debt ratio and

interest earned ratio to examine the financial leverage of the company.

The ratios:

𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡 11,688

- Debt ratio = 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 =52,148= 0.22

The result reveals that the high-tech car company has a non-negligible debt, however it

is not in a debt overhang position.

𝐸𝐵𝐼𝑇 1,998
- Times interest ratio =𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝐸𝑥𝑝𝑒𝑛𝑠𝑒 = = 2.97
748

The result demonstrates that Tesla can meet its debt obligation based on its current

income. The TIE of Tesla reveals a certain amount of freedom from the constraints of

debt.

FIN4: Profitability

Again, we assess the profitability position of mister Musk’s company. We are

going to see the company’s ability to generate earnings compared to its revenue.

𝑁𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒 690

- Return on Equity (ROE) = 𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑠ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟𝑠′ 𝑒𝑞𝑢𝑖𝑡𝑦 =23,075=2.99%

As we can see the efficiency of generating income and growth from Tesla equity

financing is poor. However, it is its first year where the Net Income is positive. So, this

is significant for both parts managers and investors.

𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 690

- Return on assets (ROA) =𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 = 52,148 =1.32%

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Same conclusion as the ROE, previously the company was in cash burn position and

was not generating profit due to high expenditure made possible by high fundraising

effect.

𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 690

- Profit margin = =31,540 = 2.19%
𝑅𝑒𝑣𝑒𝑛𝑢𝑒

Same perspective, at this point the profit margin is poor due to a recent cash burn

situation. For the moment Tesla is able to convert only 2.19% of its revenue in profit.

FIN5: Return to Investors

Finally, we measure Tesla’s ability to satisfy shareholders through its operations.

We are using earnings per share and price to earnings ratio to evaluate the potential that

tesla can satisfy its shareholder’s financial desire.

(TESLA does not provide dividends*)

𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒∗ 690

- EPS=𝐶𝑜𝑚𝑚𝑜𝑛 𝑠ℎ𝑎𝑟𝑒𝑠 𝑜𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔=3,249=212.37$

It is the value that the company makes for each share of its stock.

𝑆ℎ𝑎𝑟𝑒 𝑃𝑟𝑖𝑐𝑒 (𝑖𝑛 𝑑𝑒𝑐𝑒𝑚𝑏𝑒𝑟 2020) 232

- P/E= = =1.09
𝐸𝑃𝑆 212.37

In this scenario the P/E is very low reflecting a certain scepticism from investors point

of view, which normal reflecting previous profitability analysis. Additionally, we can

consider that the market price of TESLA stock is undervalued, which could be a good

position to buy Tesla’s stocks.

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Workforce risks

WOF1: Skills and talent availability

Tesla might lack qualified workers as it’s constantly developing and

progressing and may demand difficult tasks according to those changes. New

challenges occur and require among workers a peculiar attention to safety protocols.

However, it is also important to take in account the lack of attractivity that Tesla might

also suffer from, as their competitors could interest talented workers. There is a 30

percent chance that Tesla may lose its key employees, and it may lead to important

losses as they have an important role and influence in the decision-making process and

in diverse areas such as innovation, research & development.

WOF2: Unionization risk

Labor unions have in the past compromised Tesla transparency, as the CEO

tweeted in 2018 that they would lose their stock options, breaching labor laws

according to the National Labor Relations Board (Scheiber, 2021). Labor unions are

threatening Tesla’s brand value and image as this latter is responsible for conducting

diligent actions respecting labors rights. They have a low probability of happening but

still need to be avoided as they can be helped by the media, and discredit thus the whole

company, creating potentially an increase of 4 % in costs. The risk of union strikes must

be anticipated, and a close relationship should be reinforced between tesla’s top

management and labor unions to avoid furthermore disputes.

WOF3: Intellectual property risk

This risk presents many threats for Tesla, as it is mainly based on technological

innovations, ai, private data etc. The company is not totally safe from cyberattacks or

even espionage. Moreover, inside the company, some workers could potentially

divulgate protected secrets to competitors.

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In the past, a company was sued by Tesla for welcoming ancient Tesla employees and

thus stealing trade secrets thanks to their knowledge (Burdson & Ludlow, 2020). There

is a low percentage of chance, but the impact could be terrible for Tesla, with the leak

of unique potential patent, giving an increase of 5 percent in cost. It must be mitigated

by reinforcing the non-disclosure agreement and cybersecurity systems. Employees

should be educated to be prepared for any leak.

WOF4: Diversity risk

Tesla needs to be attentive to discrimination attitudes in the job market and

improve inclusion among workers who are from different cultural backgrounds. In

2021, Tesla was already charged for being responsible of a discrimination and racist

act against an employee and had to pay 137 millions of dollars to compensate the

victim. (Jin, Kerber & Linsk, 2021). As there are thousands of employees, the chances

of having discrimination or racist issues can be high and cause an increase in cost of 2

%.

Transparency is essential for a mediatized and famous company like Tesla, since their

brand value could deteriorate because of the terrible scandals such as the one

highlighted. Appropriate diversity policies reviews should be conducted, and

employees have to assess by themselves the quality of their work environment to

mitigate the risk.

WOF5: Workforce related regulations and compliance risk

Tesla has multiple times breached labor laws. As it was illustrated before, Tesla

maintained a coercive attitude towards labor union, but it also provoked suits related

to racism and discrimination. Overall, Tesla is obliged to adapt its firm according to

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modern values and ethical behavior which can be found in diverse ISO guidelines. The

risk is estimated as quite low, but the impact could be very important, with an increase

of 5 % in cost. Tesla must be careful with its workforce management as there are threats

related to it, which could lead Tesla to disastrous results because of poor workforce

management. Audit routines should be reinforced and the quality of work of the audit

team, their integrity and their professionalism should be assessed, verified by the top

management.

Supply Chain Risks

SCR1: Weather Risk

Tesla's global supply chain faces amplified weather risks due to its diverse

supplier locations worldwide. With a 40% probability of extreme weather affecting

warehouses or suppliers, there's a substantial likelihood of a 10% production delay or

cancellations in case of such events. This delay could result in a 2.5% cost impact.

However, Tesla's well-diversified portfolio of suppliers across regions mitigates this

risk to an extent.

The recovery process from weather-related disruptions is relatively swift, typically

taking 1-2 weeks after repairs. To manage such risks, the Supply Chain World Manager

intends to redistribute workload among other factories during disruptions, leveraging

Tesla's diverse factory presence in South and East Asia, Europe, and America.

Additionally, Tesla may explore partnerships with manufacturers in areas where they're

not present, enabling production relocation during post-event repairs. As of 2022, no

active changes or updates have been reported.

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SCR2: Demand Risk

Tesla's demand fluctuates significantly based on global trends and

governmental regulations promoting electric cars, creating a 15% probability of

demand risk. Any decline in this trend could cause an exponential decrease in sales,

heavily impacting the company due to its association with the trend and CEO Elon

Musk. Notably, a 9% stock plunge followed a controversial video of Musk in

September 2018, taking about two months to restore public perception and trend

momentum. To manage this risk, Tesla continually invests in R&D and emphasizes

rapid communication to adapt production promptly. The Supply Chain Manager

actively monitors communication effectiveness and factory operations to ensure

alignment with adaptation strategies. However, as of 2018, no reported changes or

updates have been implemented in response to this ongoing risk.

SCR3: Supplier Risk

Tesla's global supply chain, reliant on multiple suppliers, faces a 5% probability

of supplier risks. Should a supplier fail to meet obligations, it would trigger price hikes

for Tesla products and reduce production by 20%, impacting the entire production

chain. However, Tesla is adept at swiftly finding alternatives or renegotiating deals

within a week.

To manage such risks, the Supply Chain Manager is proactive, directly investigating

on-site issues and engaging with Supplier Managers to resolve problems swiftly.

Maintaining strong relationships and frequent site visits are part of the ongoing strategy

to ensure good deals and supplier reliability. As of 2022, there have been no reported

changes or updates in the approach to mitigating supplier risks.

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SCR4：Raw Material Risk

Tesla's raw material risk primarily stems from its heavy reliance on Chinese

suppliers, constituting 40% of its battery supply. This dependency poses a 40%

probability of disruption, resulting in a 40% production loss if events like the Covid-

19 pandemic impact the entire country. While Tesla's factories are globally diversified,

crucial raw material producers, especially for batteries, are predominantly situated in

China.

To manage this risk, the Supply Chain Manager's strategy involves relocating

production as a last resort and creating a stockpile of raw materials for potential resale

without loss. Additionally, proactive monitoring of economic indicators and factors

influencing raw material production in China remains ongoing. As of 2018, there have

been no reported changes or updates in the approach to mitigating raw material risks.

SCR5 ：Cyber Attack Risk

Tesla, as a tech-oriented company, faces a substantial 10% probability of cyber-

attack risk, considering its ventures into cryptocurrency and its CEO's significant

involvement in tech. The potential cost impact is high due to direct financial

implications and reputational damage, with the possibility of a market cap loss of up to

20%.

In response to this risk, Tesla focuses on swift communication strategies following an

attack, aiming to restore its reputation. Collaboration between the Supply Chain

Manager and the Cybersecurity Team is crucial to repairing any damage caused by the

14
attack. The company actively prioritizes cybersecurity, continuously enhancing

protective measures and refining systems for detecting suspicious activities. As of

2022, no reported changes or updates have been made regarding Tesla's ongoing efforts

to combat cyber-attack risks.

Sustainable Risk

SSRPR1: Environmental impact Risk

In its 2021 impact report, which was published last year, Tesla did provide a

partial depiction of their carbon footprint. However, the emissions originating from the

company's supply chain remain unaccounted for, despite being the most probable

source of emissions. Climate activists have pushed firms to report this category of

pollution even though it is difficult to assess because it typically makes up a significant

portion of the company's overall footprint.

According to Tesla's impact study, over 80% of the climate pollution from its

Model 3 battery pack originates from upstream greenhouse gas emissions from the

production of EV batteries. However, the exact amount of pollution that is still

unknown to us.

This environmental impact then represents a risk for the company, in fact the Tesla

company, which is known for its commitment to sustainable development, can face its

reduction in turnover caused of its customers who withdraw/boycott or potential

customers involved in sustainable development who would become resistant to

purchasing a car from Tesla which would be polluting.

15
Elon Musk revealed the third part of Tesla’s “Master Plan,” in which the company will

lead the global effort to eliminate fossil fuels and convert the world to sustainable

energy.

SSRPR2: Ethical Risk

In 2017, Tesla faced allegations of a racist work environment with a complaint

filed with a plaintiff alleging racial discrimination. In 2021, as a result of the lawsuit,

Tesla lost $137 million. In addition, other complaints were noted the same year,

particularly against women. The workplace at Tesla then faced many problems linked

to racial segregation, where minority employees were victims of racist insults and faced

discrimination in job assignments, salaries, promotions. …which leads to a hostile

work environment.

These problems of discrimination at Tesla then have an impact on the risks

linked to the company's image. Indeed, such accusations have an impact on the

company's turnover, on the costs of the trial but also on customer boycotts.

SSRPR3: Health & Safety Risk

In 2018, According to reports, Tesla was undercounting injuries by neglecting

to enter them on legally required logs, which are used to calculate the injury rate for

the corporation. Overall, it was discovered that Tesla disregarded the advice of its own

safety experts and valued speed over safety.

Musk disliked the color yellow, so members of the safety team were instructed not to

use it to identify certain production hazards. In a statement released before to the story's

publication, Tesla referred to us as a "extremist organization."

16
Moreover, in the same year, Tesla admitted that it had been neglecting to count certain

injuries by adding 13 injuries from 2017 that had been absent from its injury logs.

The California occupational safety department (Cal/OSHA) concluded its

investigation against Tesla and fined the company $400 for not reporting even one

injury within the mandated time frame. Tesla has claimed that this proves it was

exonerated of any wrongdoing. However, the government informed us that it had

discovered other additional instances of undercounting injuries that did not fall under

the six-month statute of limitations.

SSRPR4: Climate Change Risk

The IPCC report from 2021 states that as a result of climate change, the water

cycle is becoming more intense worldwide, leading to more severe droughts. Water

scarcity brought on by climate change presents significant risks to our business,

including the possibility of supply chain interruption, operations disturbance, or

reduced production capacity, as well as political and legal concerns from competing

for scarce water resources. A significant amount of water is needed for Tesla's

production processes. Tesla operates in water-impacted areas of Shanghai and

Germany; in Austin, Texas, where droughts are growing more regular; and in California

and Nevada, where disputes over water rights are prevalent. There is a medium to high

danger of water stress in each of these areas. Moreover, Tesla demonstrates that new

factories will have a lower total water withdrawal intensity than most peers and does

publish water reduction actions at specific locations.

SSRPR5: Brand Image credibility Risk:

Given his recent actions, some individuals don't think Elon Musk's brands are

credible. Some say that Tesla and SpaceX's reputations are being harmed by his erratic
17
tweeting and unusual business methods. Musk has been in the headlines lately, but not

for the good reasons. In addition to making some sexist remarks on Twitter, he has

gotten into arguments with other corporate officials on multiple occasions. For

example, many viewed Elon Musk's criticism of Russian President Vladimir Putin on

Twitter as improper and demeaning to the people of Ukraine. Some began to doubt

Musk's judgment and suitability as a company leader as a result of this.

Reference:

Burnson, R., & Ludlow, E. (2020, July 23). Tesla accuses Rivian of poaching

employees, stealing secrets. Bloomberg.com.

https://www.bloomberg.com/news/articles/2020-07-23/tesla-accuses-rivian-of-

poaching-employees-stealing-secrets#xj4y7vzkg

Jin, H., Kerber, R., & Linsk, R. (2021, October 6). Tesla faces investor test after

big jury award over racism. Reuters.

https://www.reuters.com/business/autos-transportation/tesla-faces-investor-test-

after-big-jury-award-over-racism-2021-10-06/

Scheiber, N. (2021, May 7). Tesla employee’s firing and Elon Musk tweet on

union were illegal, labor board rules. The New York Times.

https://www.nytimes.com/2021/03/25/business/musk-labor-board.html

Appendix

Appendix 1.
Here are essential computations to conduct the financial risk analysis. The
computations are made directly form the TESLA’s 10-K 2021.
(The numbers are in millions of dollars)
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ITEMS 2020
Current Assets 26,717
Current Liabilities 14,248
Inventories 3,825
Cash 19,384
Receivables 1,886
Total Assets 52,148
Total Debt 11,688
Sales/revenue 31,536
COGS 24,906
EBIT 1,998
Interest 748
Net Income 690

Share Price in $ (dec.2020) 212.37

Common Shares
Outstanding in million 3,249

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