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Tesla 'set for hard-core cost cutting'

Tesla is reportedly set for "hard-core" cost cutting.

The car manufacturer has raised $2.7 billion to help improve fortunes after its recent earnings report, and it's said CEO Elon Musk will be keeping a close eye on where that money is going.

According to Electrek, the first step in the cost cutting will be a very close oversight of all expenditures, with CFO Zach Kirkhorn set to personally oversee and sign all outgoing payments, while Musk will sign off on every 10th page.

It's said the goal is to bring everything under control, from parts costs and building rent to employee salaries.

It follows recent news that the company's Ludicrous mode has been hit by a software bug after an over-the-air update was pushed onto its vehicles in March this year, and it appears it unintentionally removed some features allowing access to the full power mode.

According to Electrek, P85D and P90D customers with the upgrade were left without access to launch control of max battery power mode - both vital with engaging in Ludicrous Mode - after the update.

A Tesla representative has addressed the report and confirmed the company is "in the process" of getting things back to how they should be.

In a statement, the company explained: "These settings were inadvertently removed from some vehicles during a UI update, and we are in the process of restoring the functionality.

"This change was in no way meant to limit the performance of any vehicles, and we're sorry for any inconvenience to affected customers."

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