Shareholder equity is only $7.25 per share as of 31 Mar 2016; decreasing $0.82 per share from the prior quarter, per 10-Q.
Now that's some burn.
At this rate, TSLA may have negative shareholder value by the time the Model 3 rolls out. Add the additional costs for ramped up production and facilities; then perhaps even sooner.
(outstanding shares: 133,858,000; equity: 970,365,000)
[Shareholder equity decreased $110,339,000 from Dec 31st]