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On the social network Twitter, while speaking to a follower of Tesla’s fundraiser, he was directly asked, “How close was Tesla to bankruptcy when he manages to bring the Model 3 into mass production?”
To which Musk replied: “The maximum we got was about a month. The ramp up to Model 3 launch was extremely stressful and painful for a long time, from mid-2017 to mid-2019. Manufacturing and logistics were hell, ”said the CEO.
Musk has never hidden his opinion on what he calls “the hell of manufacturing and logistics” inherent in the process of taking an electric vehicle for large-scale production. However, he never revealed exactly how little separated him from possible failure.
It is recalled that in early 2019 – when Tesla produced fewer than 63,000 Model 3s per quarter – Elon Musk raised billions by promoting the company’s ambitions, in terms of freelancing, with institutional investors.
In the third quarter, Tesla posted its fifth consecutive quarter of earnings, largely thanks to sales of regulatory credits.
The company doesn’t release production numbers just for the Model 3. However, as its “production and logistics” is hellish with the Model 3 in the US, it has opened a new plant in Shanghai where its goal is to produce 150,000. Model 3 per year and then increase annual production to at least 250,000 vehicles per year (including Model Y and Model 3).
On Twitter this Tuesday, Musk also defended his unprecedented compensation package.
I put in my last money, even though I thought we were going to fail anyway. But it was that or certain death for Tesla. Extremely difficult to raise money for an electric car startup (considered super eccentric at the time), while backers like GM and Chrysler were failing.
– Elon Musk (@elonmusk) November 3, 2020
The closest we got was about a month. The Model 3 ramp has been stressful and painful for a long time, from mid 2017 to mid 2019. Production and logistics from hell.
– Elon Musk (@elonmusk) November 3, 2020
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