Forget the tweets. The real problem at Tesla is the money rush

( TSLA ) is the hustle and bustle to stop a rising stream of red ink before that a huge debt is not due.

The need for money is so urgent that Tesla would have made an unusual claim: he is asking some suppliers for partial refunds, according to the Wall Street Journal.

"The fact that they are looking for a cash back," wrote analyst Jeff Osborne in an email, "is certainly alarming".

Osborne, who has an "underperforming" rating on Tesla's action, said that even though it's common for automakers to ask suppliers for discounts as production it accelerates, repayments are downright disturbing.

Tesla shares fell 3% on Monday, leaving them down 12% this month.

In a statement, Tesla said it had asked fewer than 10 vendors to cut back on long-term projects that began in 2016 but are not yet complete. The company said its ability to make a profit in the third quarter does not depend on these negotiations.

Tesla also said that he was in talks with other suppliers on ways to reduce costs, including reducing the price of parts.

"Now that we are in a stronger position with the ramp-up of Model 3 production," said Tesla, "it's a good time to improve our competitive edge in this domain."

Related: Analyst: 24% of Tesla Model 3 orders canceled

Reported restitution plea follows other recent measures to stem Tesla's bleeding by increasing the production of model 3, its most affordable electric car.

Musk announced plans last month to cut 9% of Tesla's workforce. And despite the competition gaining in its rearview mirror, Tesla plans to reduce its capital expenditure this year.

Tesla has transformed the automotive industry and captured the imagination of consumers around the world. Even though it was released just eight years ago, Tesla posted a $ 53 billion market valuation. It's higher than Ford and just shy of GM.

And while Tesla may be struggling to make a profit, Musk's success has created huge dividends for shareholders, defying predecessors like legendary short-seller Jim Chanos.

But under Musk, Tesla is a bit of a high-flying act. The construction of the Model 3 production required huge investments, a lot of debt and a bit of trust on the part of the shareholders.

Related: A technical analyst calls Elon Musk to quit Twitter

Tesla has lost $ 2.8 billion over the past year and a half. Not only that, but the losses accelerate. The company has suffered a record loss in each of the last five quarters.

The good news is that Tesla took a big step last month. The production of Model 3 has finally reached levels that could help Tesla to achieve profitability. Tesla still had $ 2.7 billion in cash at the end of March.

The bad news is that Tesla's liquidity has decreased by $ 1.3 billion since the end of 2016. Tesla is also sitting on a ton of debt – $ 10.7 billion at the end of the first quarter. That's up from $ 8.2 billion the year before.

Another concern: Model 3 repayments now exceed deposits, according to a research report last week by Needham & Co. Tesla denied that model 3 cancellations exceed new orders.

It is understandable that Wall Street is more and more worried about getting its money back.

Tesla has $ 1.8 billion of bonds maturing in 2025. These bonds are trading at just 90 cents on the dollar, down from 98 cents a year ago, according to Thomson Reuters Eikon data . Anything below 90 cents signals the nervousness of the bond market.

Tesla has repeatedly criticized the fact that he will have to reap more money, either by selling more stock or by turning to Wall Street for more debt.

Analysts are skeptical, especially given Tesla's stated goal of keeping his money above the $ 1 billion level. This is one of the reasons why the Journal report has raised such an alarm.

Cowden's Osborne predicts that during the fourth quarter, Tesla will have to raise $ 2.5 billion in debt by offering convertible bonds – debt securities that can be converted into shares. He said that Tesla will have to raise $ 2 billion more in convertible debt in 2019.

"Money is becoming a major concern of investors," said Osborne.

CNNMoney (New York) First published on July 23, 2018: 1:14 pm ET