In a recent interview with Jim Cramer of Mad Money, ResMed CEO Michael Farrell noted that his company could use some help from Tesla for the ramp and production of ventilators, which are in high demand today due to the onset of the coronavirus. Farrell also mentioned that ResMed could use some help from Tesla’s with regards to the acquisition of lithium-ion batteries.
While speaking with Cramer, the ResMed CEO stated that his company has been ramping the production of ventilators as it attempts to meet surging global demand from countries affected by the pandemic. Amidst the worldwide emergency, ResMed is seeking production help for about 500 components that go into its sophisticated, invasive ventilators, which are used for grave cases.
Farrell noted that ResMed is currently fielding offers for assistance from several of the industry’s premier automotive and aerospace companies, and Tesla happens to be one of them. Asked by the Mad Money host if ResMed has been in talks with Tesla CEO Elon Musk, Farrell noted that while Tesla has offered its help, his company could use more aid with lithium-ion batteries.
“We’ve had offers from Tesla, from many other automotive manufacturers, from some of the biggest aerospace companies in the world and defense companies that can help with o-rings, screens, and screws,” Farrell said, though he did not explain how Tesla’s batteries would be used.
As for Elon Musk and Tesla’s recent wave of donations to hospitals across the United States, which are comprised of lower-end, non-invasive BiBAP machines, Farell stated that such acts are well appreciated. The ResMed CEO also highlighted that it would be “fantastic” to have other companies help in moving products.
“Look, Tesla can help us with lithium-ion batteries… I think it’s great what Elon did. He went up and bought what I would call bi-level, non-invasive ventilators from a platform of ours from 5 years ago, from Asia, and brought 1,000 of them over to New York…If there’s product out there and you can move that for us, that’s fantastic,” the ResMed CEO said.
Amidst the ongoing coronavirus pandemic, numerous entities have made it their mission to contribute in the fight against the virus. GM and Ford are collaborating with ventilator makers to produce the valuable breathing machines. Medtronic has announced that it is working with Tesla for the production of its ventilators as well. As summed up by the Mad Money host in his talk with the ResMed CEO, in these trying times, “anybody that gives anything” is worthy of approval.
In the face of a pandemic, after all, it’s downright silly to be a dissenting voice, especially if one is not helping at all.