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The struggles with model 3 pushed the electric car manufacturer to the edge of the abyss
Elon Musk, Declared CEO of You're here, confirmed that the company was about to run out of money in the face of the many production problems badociated with its model 3 sedan.
In an interview with the Axios news program, which airs on HBO, Musk said: "The company was bleeding money like crazy [earlier this year]and if we did not solve these problems in a very short time, we would die. "
When asked how much the automaker was about to run out of funds, Mr. Musk replied, "I would say in the weeks to a number."
In April L & # 39; economist stressed that Tesla was not only spending money at a tremendous rate, but also needed more to finance new developments and provide a loan of US $ 1.2 billion ($ 1.7 billion), due in early 2019.
Responding via his favorite media, Twitter, Musk said: "L & # 39; economist the usual to be boring but clever with a nasty and dry mind. Now, it's boring (sigh). Tesla will be profitable and cash flow + will be higher in Q3 and Q4, so no need to raise funds. "
Musk even posted a series of April fools tweets joke about Tesla's bankruptcy.
After launching Model 3 in the middle of 2017, the company has experienced almost a year of self-proclaimed "production hell": it tried, failed and finally managed to achieve the 5,000 production goal models 3 a week.
according to Good car bad carIn September, 22,250 model 3 sedans were sold in the United States. With 17,750 units sold in October, the Model 3 was the sixth-best-selling pbadenger car in the United States behind the Toyota Camry (26,914), the Honda Accord (23,778), the Honda Civic (22,450), the Toyota Corolla (22,020) and Hyundai. Elantra (18,312).
Improved production and sales even enabled the company to make its first quarterly profit.
Although the company is in a better financial position, it has always attracted more than its share of negative attention.
Musk and Tesla have both been fined 20 million US dollars for making false statements. Funding had been secured to allow the builder to remain private. Musk has also been forced to resign as president and the FBI is investigating the company for its production goals.
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