Tesla’s financial management under Kirkhorn since March 2019 has been crucial to its transformation.
Well-run operations: An aerial view shows cars parked at the Tesla Fremont Factory in California. Sales in the June quarter ran at 95% of working capital, outstripping General Motors Co at 80% and Ford Motor Co at 24% – evidence that Tesla is using its short-term assets as efficiently as any of its competitors. — AFP
In a business so indelibly associated with its chief executive’s antics, you might not think that would make much of a difference. Though the company’s sky-high valuation has fallen to an almost pedestrian 74 times forward earnings, investors haven’t been spooked. Return on invested capital is running comfortably ahead of funding costs, the only one of the three listed large US automakers to achieve that feat.Capital spending is about US$7.8bil a year now, nearly six times the level when Kirkhorn started the job – but in contrast to that era, when expenditure was funded almost entirely by debt, it’s now backed by a US$17bil cash pile.
Neither man had a prominent role before being elevated to the CFO job. Both had backgrounds in consulting before putting in time working deep in Tesla’s financial engine room. Neurotechnology business Neuralink Corp, artificial intelligence startup xAI and satellite Internet platform Starlink were all in their infancy or didn’t exist when Kirkhorn took over, while Twitter Inc was a leisure distraction rather than a suck on management time.
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