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Elon Musk, CEO of Tesla Motors, recently said the company was about to run out of cash. This follows many production problems around its model 3 sedan, CarAdvice reports.
Asked by Axios News, he said: "The company was bleeding its money like crazy, if we did not solve these problems in a very short time, we would die." weeks "of running out of funds.
Earlier in April, The Economist revealed that Tesla was not just spending a lot of money, but needed additional funds to continue its development. It was also expected to provide a loan facility of US $ 1.2 billion (RMB 5.03 billion) due early 2019.
After launching Model 3 in mid-2017, Tesla has gone through a difficult year to reach the target production limit of 5,000 models 3 per week. There were bottlenecks in production and up to 63,000 people had canceled their orders in June 2018. In the space of a week, Tesla announced a reduction in costs by reducing its workforce by 9% (4,000 jobs).
However, Tesla recently hit a record high of 17,800 model 3 units in August 2018 before being overtaken by September sales of 22,250 units, according to Good Car Bad Car statistics. Reports estimate that Tesla will sell 17,750 Model 3 units in October. The cumulative volume of the year stands at 78,667 units, more than double the amount of the sale of BMW 3 Series F30 (34,731 units).
Last month, Tesla reported making a profit for the first time in two years, with cash reserves up $ 731 million (RM 3.07 billion). Despite the positive outlook, the company is still riddled with negative publicity. Elon Musk and Tesla were fined $ 20 million each for withdrawing a statement on obtaining private funding, which would make the company private.
The erratic visionary has since stepped down as president (succeeded by Robyn Denholm), but will continue to serve as CEO of Tesla Motors. The company is currently being investigated by the FBI on its production goals.
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