Elon Musk, CEO of Tesla, in Grunheid, near Berlin, on September 03, 2020. The giant electric car company is talking to the media when it arrives to visit Tesla’s construction site.
Odd Anderson | AFP | Getty Images
On Tuesday, Tesla CEO Elon Musk tweeted that his electric car company had been nearly a month away from bankruptcy in recent years, while still exploring how it could mass-produce the Model 3 electric sedan.
In the midst of a discussion about the history of Tesla’s funding?
Musk replied: “Nearby we got a month. The Model 3 ramp, for a long time, was extremely stressful and painful – from mid-2017 to 2019. Production and logistics are hell.”
Musk often talks about what he calls “production and logistics hell” of taking a new electric vehicle into high-volume production. However, Musk and company never disclosed how little runway they had before facing potential bankruptcy.
In early 2019 – when Tesla was producing less than 63,000 model’s per quarter, Elon Musk raised billions by promoting Tesla’s self-driving ambitions and calling calls to institutional investors at the Tonomi Day event.
At the time, Kasturi and other Tesla executives said in quarterly financial filings and investors’ columns that the company would fund its business needs with the current cash flow, but the company is raising in case of a recession or weak global auto demand.
Q. In, Tesla registered its fifth consecutive quarter of profitability, largely thanks to the sale of regulatory credit.
Now the company will not break the production figures of Model 3 alone. However, the U.S. Due to its 3 production and logistics hell in, it has started a new factory in Shanghai where its goal is to make 150,000 Model 3s per year, and then increase annual production to at least 250,000 vehicles a year, including the Model Y and Model 3. .
On Tuesday, Musk also appeared on Twitter to defend his unprecedented CEO compensation package.
One fan commented on Musk’s agreement to stay as Tesla CEO in 2018, paid unpaid, but instead sought the rights to buy shares in the company, later linked to prices, if the business met certain goals.
Musk replied, referring to his other venture SpaceX: “Yes, although I did not expect the stock to grow so fast. The reason for the stock options is that humanity needs to be paid to reach Mars. In 10 to 20 years.”
Since the outbreak of the coronavirus epidemic, Kasturi has secured many branches of this compensation package of more than 11 11 billion. At the same time, Tesla has cut employee pay, forced workers to work and told factory workers to return to Fremont, California to build cars, while the state and county considered it safe to do so.
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