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  Established automakers such as General Mo
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It's crunch time for Tesla Motors.


The Silicon Valley automaker is losing more than $4 Cheap Air Max 2018 Mens ,000 on every Model S electric sedan it sells, using its reckoning of operating losses, and it burned $359 million in cash last quarter in a bull market for luxury vehicles. The company on Wednesday cut its production targets for this year and next. Chief Executive Elon Musk said he's considering options to raise more capital, and didn't rule out selling more stock.


Musk has taken investors on a thrill ride since taking Tesla public in 2010. Now he's given himself a deadline, promising that by the first quarter of 2016 Tesla will be making enough money to fund a jump from making one expensive Cheap Air Max Mens , low volume car to mass producing multiple models, and expanding a venture to manufacture electric power storage systems.


Tesla's shares fell almost 9 percent on Thursday and slipped another 2 percent on Friday as investors and analysts weighed the risks of Musk's ambitious plans for expanding Tesla's auto and energy storage businesses. Tesla had just $1.15 billion on hand as of June 30, down from $2.67 billion a year earlier.


Automakers consume cash to pay for assembly line equipment, including metal dies and plastic molds, as well as testing to meet safety and emissions standards. A typical new car can cost $1 billion or more to engineer and bring to market.


Established automakers such as General Motors Co and Ford Motor Co have amassed far larger cash cushions as they've rebuilt balance sheets battered by the 2008-2009 recession. GM Cheap Nike Air Max 2017 Outlet , restructured six years ago in a government funded bankruptcy, has targeted cash reserves of $20 billion and had more than $28 billion in cash equivalents as of June 30.


To be sure, GM sells more than 9 million vehicles a year, while Tesla plans to build between 50,000 and 55 Cheap Nike Air Max 2018 Outlet ,000 cars this year. Tesla, most of whose cars are built to order directly, delivered 11,532 cars in the second period and said it had an operating loss of about $47 million, for an operating loss per car of about $4 Cheap Nike Air Max Outlet ,000.


Tesla's narrower margin for error is just one more way in which it is different from its century old rivals.


The company said it plans $1.5 billion in capital spending this year, mainly to launch its Model X, battery powered sport utility vehicle with eye-catching, vertical-opening "falcon wing" doors. Tesla reported $831 million in capital spending during the first half of the year, indicating it will spend roughly another $700 million.


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