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Photo: Smith Collection/Gado/Getty Images

Tesla said it has enough resources to deal with an "extended period of uncertainty" as the electric automaker announced it will suspend production at its California factory.

Why it matters: Tesla can't be untethered from the future of electric vehicles, especially not in the U.S., where it dominates sales and plays a big role in pushing the sector closer to the mainstream.

Where it stands: Tesla did not estimate the length of the suspension. The company said it had $6.3 billion in cash at year's end, and that was before its recent $2.3 billion capital raise.

  • "We believe this level of liquidity is sufficient to successfully navigate an extended period of uncertainty," its announcement said.
  • "At the end of Q4 2019, we had available credit lines worth approximately $3B including working capital lines for all regions as well as financing for the expansion of our Shanghai factory."

What they're saying: Morgan Stanley analysts, in a note released before the announcement, projected that a month of lost production would reduce estimated full-year deliveries by 30,000 cars to 420,000.

  • They say Tesla would have "sufficient liquidity and access to capital during this time."

But, but, but: The note also models a "bear case" of a three-month hiatus and 100,000 units of lost volume, which is more severe but not fatal.

  • "We note that the company’s recent $2bn capital raise is roughly equal to the $2bn of burn in this bear case. In hindsight, the capital raise was extremely well timed and helped further bolster Tesla’s liquidity during this extraordinary time," it adds.

Go deeper: Tesla will finally halt California production amid pandemic

Go deeper

1 hour ago - World

Zelensky questions U.S. warnings of "imminent" invasion in Biden call

Biden and Zelensky at the White House last October. Photo: Brendan Smialowski/AFP via Getty

President Biden and Ukrainian President Volodymyr Zelensky had a back-and-forth in their call this evening about just how "imminent" the threat of a Russian invasion might be, according to three sources briefed on the call.

Why it matters: Biden has said previously that he believes Russian President Vladimir Putin will probably "move in" to Ukraine, and White House press secretary Jen Psaki said Thursday afternoon that "an invasion could come at any time."

Democrats stiff Biden as poll numbers hit low point

Photo illustration: Aïda Amer/Axios. Photo: Christopher Furlong/Getty Images

Democrats in swing states and vulnerable districts in this year's pivotal midterms are distancing themselves from President Biden on social media as his poll numbers hit their lowest point.

Why it matters: The digital distance is one sign of the concern candidates feel about a person they'd normally embrace. Incumbent presidents — including one who believes he needs to come to their hometowns to sell his message — would normally be political gold for candidates from the same party.

Nathan Bomey, author of Closer
4 hours ago - Economy & Business

Tesla delays Cybertruck until 2023

Tesla debuts the Cybertruck in Hawthorne, Calif., on Nov. 21, 2019. Photo: Frederic J. Brown/AFP via Getty Images

Tesla is at risk of falling behind on one of the most critical products in the American auto industry: pickups.

Why it matters: Pickups are the most profitable segment in the business and account for the first, second and third best-selling vehicles in the country. Without a serious pickup strategy, Tesla could miss out on a huge source of future income.