Tesla Opens Up About Mysterious Payment to a Board Member's Firm
- Carmaker paid $34,347 to Valor, whose CEO is Antonio Gracias
- Private equity firm spent more than 100 days at gigafactory
Why Tesla Is Burning Through So Much Cash
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A private equity firm linked to a Tesla Inc. director spent more than 100 days at the carmaker’s battery factory late last year to help increase Model 3 sedan production, according to a filing vouching for its beleaguered board.
Valor Management Corp., whose founder and chief executive is Tesla’s lead independent director Antonio Gracias, contributed to “numerous improvements that led to increased Model 3 production rates,” Tesla said in the filing Tuesday. The carmaker said it paid Valor $34,347 to reimburse for travel, equipment and “budget lodging” near the Nevada factory.