Chapter 822 Blood Exchange

"you……"

  Antonio pointed at Eberhard, choked to death by the latter’s words.

  Eberhard was not such a face when he first made investments.

  When chasing you, you are Xiao Tiantian, when chasing you, you are Mrs. Niu.

  Antonio doesn't understand these Chinese stalks, but his mood at the moment is as uncomfortable as eating a fly, and he feels that he is being teased.

  If there is not a trace of sane surviving, he wants to fight Eberhard.

   Seeing that the fire was almost over, Xia Jingxing began to come out to be a peacemaker.

  "Leave the rest of the problem aside for now, let's discuss how to solve the delivery problem first."

  Xia Jingxing waved to Antonio, motioning for him to sit down first.

  Antonio also knows that other people’s face can not be sold, but Darren Xia’s face must be sold, because most of the solutions to the problem still fall on Darren Xia’s head.

   After a few reluctant mutters in his mouth, Antonio finally sat down honestly.

  Ricky, sitting next to Xia Jingxing, is the representative of the shareholders of Envision Capital and the representative of Tesla's largest shareholder. He took over the conversation and said: "The biggest problem now is that the Roadster is too low priced, only 100,000 US dollars.

  We underestimated the manufacturing cost of this car. The manufacturing cost of 120,000 cars meant that every car sold would cost us $20,000.

  According to the current order of more than 2,000 units, it means that we will lose more than 40 million US dollars.

  Vision Capital invested $50 million in Tesla a few months ago, which is just enough to fill the loss loophole.

  But if the funds are consumed in this way, it means that Tesla will not have the funds to promote the development and mass production of the next model. "

  Antonio shook his head, "Mr. Milner, this is a relatively optimistic calculation. Only the manufacturing cost of the Roadster is considered, not the R&D expenditure and manpower expenditure of Terras.

  In fact, according to the plan of 100,000 US dollars per car, Tesla will consume all the liquid funds on the company's account at the latest. "

   "As long as more than two thousand cars are successfully delivered to customers, it proves that Tesla's scientific research strength as a car company is enough to reshape the investment market's confidence in Tesla." Tarpening interjected.

  Antonio gave Tarpenning a glance and sneered: "You are really optimistic. I know why Tesla has fallen into the land it is today because you two managements who don’t understand the market are at the helm."

Eberhard was about to open his head, and Tarpening held his shoulders on his shoulders. The latter said lightly: "Mr. Antonio, if you have a better solution, you can propose it, or even let you become the CEO. , As long as you can settle it all."

  Antonio's face was blue and white, and he was speechless.

  If he has a solution, then he will go straight to it, how can he still complain here.

  However, Antonio refused to admit defeat and began to review Tesla’s bumpy development history.

  "...It has been more than three years since the company was founded, and it has raised four rounds of financing with an amount of more than 110 million U.S. dollars. However, there is still no hope of profitability."

  Antonio gave the two Tesla founders a glance, and then began to flip through the old accounts: "I remember you two patted your chest and promised that you can build a car for only 20 million US dollars.

  Now the cumulative investment has exceeded 5 times the number you promised, but the company’s development is still like walking a tightrope, with financial crises from time to time.

  Now do you know how the Silicon Valley investment circle and the entire American auto industry view Tesla?

  They said that Tesla will face failure sooner or later, because the cars made by Tesla are the toys of the rich, and Roadster will not sell so well after this wave of customers is sold out.

  The price of the car is as high as $100,000. Tesla has not yet made money from it, but will lose money.

  How much should Tesla price for the next model? One hundred fifty thousand dollars? Two hundred thousand dollars? "

  Tapenning replied: “Tesla’s next car, Model S, is already under design. This time we will keep the minimum price within $80,000.”

   "Stop!"

  Antonio waved, "Roadster you have been tossing for more than three years, and the cost is as high as 120,000 US dollars. Can the cost of ModelS be reduced by half? How long will it take? How much more capital investment?"

  Tappenning was speechless when asked, because the other party's worries were not unreasonable.

  ModelS is still very early to complete research and development. The reduction of costs, research and development time, and research and development investment are the three big mountains that are pressing on Tesla.

  Thinking of this, Tarpenning turned to Xia Jingxing for help. He and Antonio have the same opinion, at this moment, only Darren Xia can save Tesla.

  Xia Jingxing seemed to have not seen the distress signal from Tarpening, and said, “Now there are two choices before Tesla.

  First, the delivery plan for a unit of US$100,000 remains unchanged. Second, the price of the car is increased to US$120,000. "

   "I can't increase the price!"

   Eberhard shook his head sharply, "If the price is raised rashly, it will exhaust the business reputation that Tesla has finally accumulated."

  Antonio sarcastically said: "Then abruptly lose more than 40 million US dollars? Lose all future hopes of Tesla?

  If Tesla falls into bankruptcy again this time, no investors will be willing to help anymore. "

  After finishing talking, Antonio also scanned Xia Jingxing's eyes with the corner of the eye. The latter's face was as usual, and he couldn't see why.

  Actually, Antonio hopes that Darren Xia will once again be proud, and announce that he will invest 100 million US dollars in Tesla, or tens of millions of US dollars, then all the problems will be solved.

  It’s just that he can’t talk about it, and he can’t treat Darren Xia as a fool.

  In his opinion, a few months ago, Darren Xia agreed to invest 50 million US dollars. He had already committed a stupidity. Now he hardly expects Darren Xia to jump into the fire pit again.

  Tappenning sighed, "The price increase is indeed a solution, but it is a double-edged sword that will cut Tesla himself."

   "If you don't increase the price, you will die next year. If the price increase, you can live for a while. Maybe you can support the production of the second car, and it may usher in a turning point in fate."

  Antonio knew that Darren Xia could not be expected to continue to inject capital for the time being, and began to think about more realistic plans.

  Tappenning showed deep thought, his attitude toward Xia Jingxing may not agree to inject capital in the short term, Tesla can only organize self-help.

After thinking about it for a while, Tarpening hesitated: "But... customers will feel that Tesla is unbelievable. They will not understand the rising manufacturing costs. They will only blame Tesla for all the problems, and even feel that we are insatiable. ."

  "Only when we survive can we talk about other things."

  Antonio also knows that a rash price increase will do great harm to the Tesla brand, but Darren Xia has no choice but to make this move.

  Tapening was somewhat persuaded, he looked at his partner Eberhard, who was sitting beside him.

   "Darren, I know that this request I am making next is very outrageous and unbelievable, but I still can't help but make it."

  Eberhard looked at Xia Jingxing sincerely, took a deep breath, and said, "Can you invest in Tesla?"

  Hearing this, all shareholders opened their eyes wide.

The shareholder representatives of   Fall Investment and Bezos Ventures made soy sauce throughout the whole process. At this moment, they are also looking at Xia Jingxing with great interest, looking forward to the choice of this young rich man.

  Antonio was ecstatic in his heart. It was inconvenient for him to ask Darren Shati for such a request, because it was easy to be misunderstood.

  But the two founders are absolutely fine!

  The two fools finally did a personnel job.

   "Investment?"

  Eberhard and Tarpening nodded frantically, blazing hope in their hearts.

   "Not for the time being!"

  Xia Jingxing's next sentence caused the two people's hearts to fall to the bottom, and their smiles completely froze on their faces.

   "Daren, why?"

  Eberhard spread his hands and looked at Xia Jingxing very incomprehensibly.

   Then he couldn't help but said: "Daren, this little money shouldn't be a big deal to you, right?"

  Xia Jingxing called a good fellow in her heart! Is this moral kidnapping?

   Thinking of this, Xia Jingxing replied in a calm tone: "I promised before that I will invest a total of 84 million US dollars in Tesla. I have fulfilled this promise.

  No one's money comes from the wind, I need to see the results.

  But I am very dissatisfied with Tesla's current results.

  If you only look at the book rate of return, Tesla’s investment did not even double the rate of return for me and Vision Capital. "

  Xia Jingxing and several VC funds under Vision Capital have invested nearly 86 million US dollars in Tesla, holding 59.37% of Tesla shares in total.

  Tesla is currently valued at 250 million U.S. dollars. The total value of these holdings is less than 150 million U.S. dollars, which is not double the return on investment.

  You should know that Xia Jingxing has invested in Tesla for almost three years from the earliest investment.

  This rate of return is not particularly bad, but compared with some well-known investment cases, it can be called a lonely investment.

Xia Jingxing's words aroused strong emotional resonance from Antonio.

  The latter said: “Yes, Tesla has grown too slowly. Many colleagues are laughing at us, saying that buying treasury bonds is more cost-effective than investing in Tesla.”

  Eberhard's face was pale, he wanted to refute loudly: How can investment not take any risk! If the rate of return is low, then don't invest in Tesla at the beginning!

  But this is too much a blow, and it will offend all institutional shareholders.

  Thinking about it, he had no choice but to hold back the words in his heart, a life sulking.

  Tapenning saw that the atmosphere was a little embarrassing, and came out to round the ground: "Whether it is delivered at a higher price or delivered at the original price, it will have a huge impact on Tesla. This is not an easy decision. Let's think about it again."

  The meeting ended in an unpleasant way.

  After the meeting, Antonio invited Xia Jingxing, Ricky and several other shareholder representatives to sit in a nearby coffee shop.

  So, a few people came to a coffee shop together, chose a secluded location on the roof of the building, ordered a few cups of coffee, and sat and chatted.

"Daren, Mr. Milner, you are the second largest shareholder and the largest shareholder. When you count, you have invested close to $100 million in Tesla with an additional investment. Do you just watch Tesla heading for a path of no return? ?"

  Antonio didn't have anything to do with his head, he went straight to the subject as soon as he sat down.

  Xia Jingxing did not answer, she put the coffee in her hand and stirred gently.

  Ricky smiled and said, "If you have any good ideas, Mr. Antonio, you can put it forward directly and we will discuss it together."

   "I just don't have a good idea, so I wanted to ask you two for advice."

  Antonio is only rough-looking, but there are details in the rough, he noticed Xia Jingxing and Ricky’s reservations and defenses, and also learned to play Tai Chi.

  "How about you guys?" Antonio looked at the other five minority shareholders. They were just in the Tesla meeting room. These people also behaved like a buddha, and didn't interrupt much.

   "I don't have any comments. You can discuss it with the three major shareholders."

Larson of Waterfall Investment smiled. As the manager of the Gates Family Wealth Fund, he really doesn't like Tesla's little asset.

  In Tesla’s C round of financing, they were invited by Xia Jingxing to co-invest US$2.105 million. The current shareholding has fallen to 0.84%, not even a single point, it’s dispensable, so they don’t bother to express their opinions.

  The shareholder representative of Bezos Ventures echoed Larson’s words, because Bezos is also a big business, and he doesn’t care much about Tesla’s investment.

Two shareholders, SDL and Compass, participated in Tesla's Series A financing with Xia Jingxing three years ago. The two institutions each invested $600,000 and each currently holds 2.03% of Tesla.

  These two institutions are small venture capitalists. They value Tesla's investment far more than Waterfall Investments and Bezos Ventures, but they hold too few shares and the company is small, so they have always followed the opinions of major shareholders.

  Defengjie is a big venture capitalist, but the shareholding ratio is too low, only 0.84%, so Draper also behaved very low-key: "You can discuss it, and when we have reached a plan, we will discuss it together."

  Antonio nodded, without saying anything, he once again turned his eyes to Xia Jingxing and Ricky.

The current shareholding structure of Tesla is that a number of funds under Vision Capital collectively hold 38.03% of Tesla’s shares, Xia Jingxing personally holds 21.34%, value equity capital holds 8.65%, Eberhard holds 13.97%, and towers Peng Ning holds 6.35%.

  Five of them or five companies can exert influence on Tesla's major decisions, and the total shareholding of the other five institutional shareholders is equal to that of Tarpening, the least shareholding of them.

  "Daren, Tesla’s current situation is very dangerous, and this company is not in trouble once or twice. I hope to hear your truest inner thoughts."

  Antonio looked at Xia Jingxing sincerely, and said: "If you want to make some changes, value equity capital will stand firmly on your side."

   Hearing this, the representatives of several small shareholders around who had coffee put down the coffee, and those who did not have coffee also turned their eyes to Xia Jingxing and Antonio.

  They all heard some off-notes from Antonio’s words, and they seemed to be seriously dissatisfied with the existing management.

  Looking back about the quarrel that just happened in the conference room, and suddenly understood.

  The scene was very quiet. Everyone focused on Xia Jingxing, waiting for the chairman's final decision.

  Vision Capital plus Xia Jingxing, plus value equity capital, the voting power of the three shareholders is enough to overwhelm the two founders.

  Even if the management needs to be exchanged, it can be done.

  Xia Jingxing took a sip of coffee without rushing, and then slowly put down the cup, staring sharply at Antonio’s eyes, "What do you want to do?"

  A smile gradually appeared on Antonio’s face, and he knew that his guess was correct.

  The Chinese can really hide their emotions and almost blind him.

  If we put the order of dissatisfaction with the management, Antonio believes that Darren must be ahead of him.

  Value equity capital only invested less than 20 million US dollars, but this one invested five times as much of them.

  Tesla has problems again and again, and profit is far away, let alone return, investment may be in vain at any time.

  In this case, Antonio firmly believes that Darren has the same determination to change the status quo.

  In addition, Eberhard’s attitude towards investors today is a bit irritating to Antonio. He believes that Darren Xia must also be very uncomfortable.

  Dare to treat the father of the funder in this way. I have to be wronged even if I invest money. There is no such truth in the world.

  "First, re-elect the management team, reorganize Tesla's entire process from R&D to production, and strictly control costs.

  Second, to completely solve the problem of Roadster mass production and delivery. If there is still a shortage of funds, I hope that the shareholders present will contribute proportionally and give Tesla another chance. "

After all, Antonio glanced at the shareholders present and said lightly: "I know that some people may not look down on Tesla, but Tesla is actually doing a disruptive business.

  If Tesla can succeed in the future, the return to shareholders will be unprecedented.

  A big return means a big risk. It depends on whether you dare to gamble.

  If you don’t dare to bet, it’s okay to have value equity capital and vision capital bear all the capital. "

  Antonio's remarks were extremely hard, which made many people present with admiration.

  And Antonio’s attitude towards Tesla was a bit beyond their expectations.

  They thought that Antonio had completely given up on Tesla, but they planned to continue to raise.

  This is a bit like a gambler who loses his eyes and still refuses to go to the table. Of course, it may also be the **** of gamblers.

  (End of this chapter)