Tesla CEO Elon Musk tweeted on Tuesday, saying that his electric car company was nearly a month away from filing bankruptcy in recent years when it was still unaware of how to reach the commercial production of its “Model 3” electric car.
In the middle of a discussion about the stages of raising Tesla’s capital published by “CNBC”, a follower asked, “How close is Tesla to bankruptcy when it introduces the Model 3 to commercial production?” The CEO of Tesla responded, in a tweet that I read. Al Arabiya.net: “One month was separating us from bankruptcy, and the launch of the Model 3 represented extreme stress and pain for a long time – from mid-2017 to mid-2019.” Describing it as “the hell of production and logistics.”
Musk has often spoken of what he calls the “production and logistics hell” of taking a new electric vehicle into mass manufacturing. However, neither Musk nor the company disclosed what they faced of the potential bankruptcy at all at the time.
In early 2019, when Tesla was making fewer than 63,000 cars each quarter of its Model 3, Musk raised billions by promoting Tesla’s autonomous car ambitions at the Autonomous Conference and via calls with institutional investors.
At the time, Musk and other Tesla executives said in their quarterly business results and promotion conferences with investors that the company would be able to finance its business needs with current cash flows, and capital increases were only pooling in a recession or weakening global demand for cars.
And in the third quarter of this year, Tesla reported the fifth consecutive quarter of profitability.
Tesla no longer discloses its sales figures for the “Model 3” car separately. The company opened a new factory in Shanghai with the aim of producing 150,000 units of the Model 3s annually, and then increasing annual production to at least 250,000 cars annually. , Including Model Y and Model 3.
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