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Tesla’s new car factories “losing billions of dollars”


Elon Musk: Tesla's new car factories "losing billions of dollars"

Tesla Inc’s new automobile factories in Texas and Berlin are “dropping billions of {dollars}” as they battle to extend manufacturing due to a scarcity of batteries and China port points, Chief Govt Elon Musk stated lately.

“Each Berlin and Austin factories are gigantic cash furnaces proper now. Okay? It is actually like an enormous roaring sound, which is the sound of cash on hearth,” Musk stated in an interview with Tesla House owners Silicon Valley, an official Tesla acknowledged membership, in Austin, Texas, on Could 31.

The membership divided its interview with Musk into three elements, the final of which was launched on Wednesday.

Musk stated Tesla’s Texas manufacturing unit produces a “tiny” variety of automobiles due to challenges in boosting manufacturing of its new “4680” batteries and as instruments to make its standard 2170 batteries are “caught in port in China.”

The Shanghai COVID shutdowns in China “had been very, very troublesome,” he stated. The shutdown affected automobile manufacturing not solely at Tesla’s Shanghai manufacturing unit, but additionally at its California plant, which makes use of some car elements made in China.

“The previous two years have been an absolute nightmare of provide chain interruptions, one factor after one other, and we’re not out of it but,” Musk stated.

Tesla’s overwhelming concern, he stated, is “How can we hold the factories working so we are able to pay individuals and never go bankrupt?”

Musk stated earlier this week {that a} 10% minimize in salaried employees at Tesla will occur over three months. The world’s richest man additionally stated a U.S. recession was extra possible than not.

Tesla earlier this yr began manufacturing on the factories in Berlin and Texas, each of that are essential to the expansion ambitions of the highest electrical automobile maker.

Musk stated he anticipated Tesla would begin manufacturing of its Cybertruck electrical pickup vehicles, which has been delayed, in mid-2023.

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