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reservations into actual sales. The reasons behind this problem remain unclear. It may have been that the complaints about the interior and the early kinks mentioned on the Tesla forums and message boards were causing concerns. Tesla also lacked financing options to soften the blow of buying a $100,000 car, while uncertainty surrounded the resale market for the Model S. You might end up with the car of the future or you might spend six figures on a dud with a battery pack that loses its capacity, and with no secondary buyer. Tesla’s service centers at the time were also terrible. The early cars were unreliable and customers were being sent in droves to centers unprepared to handle the volume. Many prospective Tesla owners likely wanted to hang out on the sidelines for a bit longer to make sure that the company would remain viable. As Musk put it, “The word of mouth on the car sucked.” By the middle of February 2013, Tesla had fallen into a crisis state. If it could not convert its reservations to purchases quickly, its factory would sit idle, costing the company vast amounts of money. And if anyone caught wind of the factory slowdown, Tesla’s shares would likely plummet, prospective owners would become even more cautious, and the short sellers would win. The severity of this problem had been hidden from Musk, but once he learned about it, he acted in his signature all- or-nothing fashion. Musk pulled people from recruiting, the design studio, engineering, finance, and wherever else he could find them and ordered them to get on the phone, call people with reservations, and close deals. “If we don’t deliver these cars, we are fucked,” Musk told the employees. “So, I don’t care what job you were doing. Your new job is delivering cars.” He placed Jerome Guillen, a former Daimler executive, in charge of fixing the service issues. Musk fired senior leaders whom he deemed subpar performers and promoted a flood of junior people who had been doing above-average work. He also made an announcement personally guaranteeing the resale price of the Model S. Customers would be able to resell their cars for the average going rate of similar luxury sedans with Musk putting his billions behind this pledge. And then Musk tried to orchestrate the ultimate fail-safe for Tesla just in case his maneuvers did not work. During the first week of April, Musk reached out to his friend Larry Page at Google. According to people familiar with their discussion, Musk voiced his concerns about Tesla’s ability to survive the next few weeks. Not only were customers failing to convert their reservations to orders at the rate Musk hoped, but existing customers had also started to defer their orders as they heard about upcoming features and new color choices. The situation got so bad that Tesla had to shut down its factory. Publicly, Tesla said it needed to conduct maintenance on the factory, which was technically true, although the company would have soldiered on had the orders been closing as expected. Musk explained all of this to Page and then struck a handshake deal for Google to acquire Tesla. While Musk did not want to sell, the deal seemed like the only viable course for Tesla’s future. Musk’s biggest fear about an acquisition was that the new owner would not see Tesla’s goals through to their conclusion. He wanted to make sure that the company would end up producing a mass-market electric vehicle. Musk proposed terms under which he would remain in control of Tesla for eight years or until it started pumping out a mass-market car. Musk also asked for access to $5 billion in capital for factory expansions. Some of Google’s lawyers were put off by these demands, but Musk and Page continued to talk about the deal. Given Tesla’s value at the time, it was thought that Google would need to pay about $6 billion for the company. As Musk, Page, and Google’s lawyers debated the parameters of an acquisition, a miracle happened. The five hundred or so people whom Musk had turned into car salesmen quickly sold a huge volume of cars. Tesla, which only had a couple weeks of cash left in the bank, moved enoughPDF Image | SpaceX and the Quest
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