Tesla’s new factories are burning cash, Musk says bankruptcy is a concern, his Twitter deal is still in the works
Things are not going well for Elon “Pedo Guy” Musk, but he is confident that the supply chain issues currently rocking his business will soon be resolved. I wonder if Tesla’s declining stock value is its nuclear option to pull out of the Twitter deal.
I wouldn’t have let him talk to that Twitter all the way.
Tesla Inc.’s two new auto plants in Berlin, Germany, and Austin, Texas, lose ‘billions of dollars’ as attempts to ramp up production are hampered by supply chain disruptions and battery shortages, said founder and chief executive Elon Musk. In an interview segment with a Tesla Owners Club – recorded last month and released on Wednesday – Musk said the two factories “are giant money furnaces right now.” The tycoon added: “Our very big concern is how do we keep the factories going so we can pay people and not go bankrupt?” He said he believed the problems would be resolved quickly, but said the Texas plant was particularly at risk because it was producing only a “small” number of cars due to cells and batteries “stuck in a port in China”. The interview was filmed before the company plans to lay off about 10% of its salaried workforce was revealed earlier this month, although Musk clarified this week that the number of hourly employees would continue to rise. .