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Home / Business / Tesla has been ‘about a month’ since it went bankrupt in the Model 3 ramp

Tesla has been ‘about a month’ since it went bankrupt in the Model 3 ramp



Tesla CEO Elon Musk speaks to the media as he visits the construction site of the future electric car company Tesla, on September 3, 2020 in Gruenheide near Berlin.

Andersen quirky | AFP | beautiful images

On Tuesday, Tesla CEO Elon Musk tweeted that his electric car company has gone bankrupt for about a month in recent years as it is still looking to mass produce Model 3 electric sedans.

In the midst of discussing Tesla̵

7;s fundraising history, one follower asked, “How close did Tesla go with the bankruptcy of the Model 3 going into mass production?”

Musk replied, “The closest we get is about a month. The Model 3’s ride is extremely stressful and painful for a long time – from mid-2017 to mid-2019. Hell of production and post-production. need. “

Musk often talks about what he calls “manufacturing and logistics hell” when bringing a new electric car into mass production. However, Musk and the company have never revealed the exact runway they have before facing the possibility of bankruptcy.

In early 2019 – when Tesla makes fewer than 63,000 Model 3s per quarter – Elon Musk has raised billions by boosting Tesla’s self-driving ambitions at an Autonomous Day event and calls with institutional investors.

At the time, Musk and other Tesla executives said in their quarterly financial filings and investors urged that the company would be able to fund its business needs with cash flow. Yes, but the company will raise money in the event of a recession or weak global auto demand.

For the third quarter, Tesla reported fifth straight quarterly earnings, largely thanks to the sale of regulated credits.

The company no longer splits production numbers for Model 3 alone. However, since the “hell” of manufacturing and logistics with the Model 3 in the US, it has opened a new factory in Shanghai with a production goal. 150,000 Model 3s per year and thereafter increase annual production to at least 250,000 units per year. , including Model Y and Model 3.

On Tuesday, Musk also appeared to defend his unprecedented CEO compensation package on Twitter.

One fan commented on Musk’s 2018 deal to remain CEO of Tesla, working unpaid but instead taking over the right to buy the company’s stock later at a limited price, should the business reach are certain milestones.

Musk replied, referring to his other venture, SpaceX: “Yes, although I don’t expect stocks to rise that fast. The reason for stock options is that they need to help pay humanity up.” Mars for 10 to 20 years. “

Musk made some money out of this over $ 11 billion compensation package when the coronavirus pandemic hit. At the same time, Tesla cut employee salaries, raised workers’ salaries, and asked factory workers to return to making cars in Fremont, California, before the state and county deemed it safe.


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