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Tesla is today the most valuable and possibly the most profitable automaker in the world, but in the past it was on the verge of bankruptcy, informs CNN.
Elon Musk, the company’s CEO, tweeted this week that Tesla was a month away from filing for bankruptcy while trying to bring the Model 3 to market.
“I was closer to a month,” Musk said when asked on Twitter how close Tesla had been to bankruptcy. “The preparation for the Model 3 launch was a time of great stress and pain, from mid-2017 to mid-2019. A logistical and productive nightmare.”
Tesla was in a difficult situation as losses piled up and the company struggled to meet various production targets for the Model 3. Musk has so far not disclosed that Tesla was close to filing for bankruptcy – although he joked about a petition of failure in a Twitter post from April 1, 2018.
Tesla’s problems are gone today. The company recently posted record profits and high revenues, and its shares grew by more than 400% in 2020.
Publisher: VM
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