Stock Market News

Musk Says New Tesla Factories Lose Billions of Dollars Ahead of Ramp Up

2022.06.23 00:30

Musk Says New Tesla Factories Lose Billions of Dollars Ahead of Ramp Up
Musk Says New Tesla (TSLA) Factories Lose Billions of Dollars Ahead of Ramp Up

By Davit Kirakosyan

According to Bloomberg News, Elon Musk stated that Tesla, Inc. (NASDAQ:TSLA) is losing “billions of dollars” from its new plants in Germany and Texas as it tries to ramp up production, in a video interview with Tesla Owners of Silicon Valley posted online Wednesday.

Earlier this month, Musk announced its decision to cut costs by laying off 10% of its salaried workers over the next three months, which represents about 3.5% of its global workforce.

In the May 31 interview, Musk said that the company has struggled to quickly increase production in the Austin plant of Model Y SUVs that use the new 4680 cells and structurally integrated battery pack. Thus, the company decided it would also make Model Y SUVs with the older 2170 cells in Austin to keep up with the high demand for its cars, as noted in its April letter to shareholders. The struggles in getting the Austin and Berlin factories up and running were also a result of the company dealing with Covid-related lockdowns at its Shanghai plant.

According to Musk, the problems in the Austin factory are all going to get fixed real fast, but it requires a lot of attention and effort. The Berlin factory is in a “slightly better position” as the company outfitted it to build cars with its 2170 cells.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 97,389.09 0.95%
ethereum
Ethereum (ETH) $ 3,328.52 3.13%
tether
Tether (USDT) $ 1.00 0.09%
solana
Solana (SOL) $ 248.84 3.91%
bnb
BNB (BNB) $ 652.71 1.38%
xrp
XRP (XRP) $ 1.37 7.07%
dogecoin
Dogecoin (DOGE) $ 0.416898 6.84%
usd-coin
USDC (USDC) $ 1.00 0.11%
cardano
Cardano (ADA) $ 0.986704 8.26%
staked-ether
Lido Staked Ether (STETH) $ 3,327.16 3.15%
tron
TRON (TRX) $ 0.206964 3.50%
avalanche-2
Avalanche (AVAX) $ 40.81 3.97%
the-open-network
Toncoin (TON) $ 6.03 6.98%
stellar
Stellar (XLM) $ 0.505864 0.50%
shiba-inu
Shiba Inu (SHIB) $ 0.000025 8.36%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,946.38 2.82%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 97,218.05 0.92%
polkadot
Polkadot (DOT) $ 8.55 10.06%
chainlink
Chainlink (LINK) $ 17.49 2.62%
bitcoin-cash
Bitcoin Cash (BCH) $ 502.40 2.97%
weth
WETH (WETH) $ 3,329.76 3.09%
sui
Sui (SUI) $ 3.31 7.16%
near
NEAR Protocol (NEAR) $ 6.95 6.84%
pepe
Pepe (PEPE) $ 0.00002 6.61%
leo-token
LEO Token (LEO) $ 8.63 0.25%
litecoin
Litecoin (LTC) $ 94.91 5.97%
uniswap
Uniswap (UNI) $ 10.66 2.62%
aptos
Aptos (APT) $ 12.00 9.57%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,504.26 3.14%
hedera-hashgraph
Hedera (HBAR) $ 0.139653 8.93%
internet-computer
Internet Computer (ICP) $ 11.22 4.00%
usds
USDS (USDS) $ 1.00 0.08%
crypto-com-chain
Cronos (CRO) $ 0.18445 7.93%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.548322 6.83%
ethereum-classic
Ethereum Classic (ETC) $ 28.05 6.86%
render-token
Render (RENDER) $ 7.88 1.39%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.52 1.64%
bittensor
Bittensor (TAO) $ 527.14 1.84%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.11%
kaspa
Kaspa (KAS) $ 0.14927 4.71%
whitebit
WhiteBIT Coin (WBT) $ 24.41 1.54%
dai
Dai (DAI) $ 1.00 0.13%
vechain
VeChain (VET) $ 0.04264 2.06%
bonk
Bonk (BONK) $ 0.000046 6.34%
arbitrum
Arbitrum (ARB) $ 0.832504 5.89%
blockstack
Stacks (STX) $ 2.19 2.86%
filecoin
Filecoin (FIL) $ 5.44 2.08%
celestia
Celestia (TIA) $ 7.58 2.97%
cosmos
Cosmos Hub (ATOM) $ 8.33 5.75%
mantra-dao
MANTRA (OM) $ 3.55 3.72%