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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

Updated 2 hours ago - Sports

Olympics dashboard

Katie Ledecky in Tokyo. Photo: Ding Xu/Xinhua via Getty Images

🚨: Simone Biles won't compete in individual vault or uneven bars

🏊‍♀️: Katie Ledecky wins gold in women's 800m freestyle

🏊: Caeleb Dressel breaks world record in men's 100m butterfly, 3rd gold

🇬🇧: Britain wins gold in first-ever Olympic mixed 4x100m medley relay

🎾: Novak Djokovic defeated in Olympic semi-finals

💻: Japan tests teleporting games and "remote cheering"

Go deeper: Full Axios coverage

Updated 3 hours ago - Sports

Simone Biles won't compete in individual vault or uneven bars Olympic finals

Photo: Loic Venance/AFP via Getty Images

Simone Biles will not compete in the individual vault or uneven bars finals at the Tokyo Olympics, USA Gymnastics announced Friday.

Why it matters: USA Gymnastics said Biles, who previously withdrew from the individual all-around and team finals to prioritize her mental health, will continue to be evaluated to determine if she'll compete in the balance beam or floor exercise events.

3 hours ago - Sports

American Katie Ledecky wins Olympic gold in women's 800m freestyle

USA's Katie Ledecky reacts after taking gold in the final of the women's 800m freestyle race. Photo: Odd Anderson/AFP via Getty Images

American superstar swimmer Katie Ledecky grabbed her second gold medal of this year's Olympic Games, winning the women's 800-meter freestyle race Saturday in Tokyo.

Driving the news: Ledecky, who holds the world record in the 800m freestyle, is considered one of the best women swimmers of all time. Saturday's final marks her third straight Olympic gold in the event.