11/3/2020, 7:08 PM (Source: TeleTrader)
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Musk: Tesla was close to bankruptcy due to Model 3

Tesla Inc.'s Chief Executive Officer (CEO) Elon Musk revealed on Tuesday the company was "about a month" away from bankruptcy during the time it was developing its electric vehicle Model 3.

"The Model 3 ramp was extreme stress & pain for a long time — from mid 2017 to mid 2019. Production & logistics hell," he explained. Back in 2018, Musk claimed in a tweet he posted on April Fool's Day the company had gone "completely and totally bankrupt" amid the issues it had encountered concerning its Model S and Model X.

Earlier this year, Tesla's subsidiary in Shanghai reportedly decided to reduce its production of Model 3 and focus instead on the new Model Y. The Chinese Ministry of Industry and Information Technology subsequently approved the manufacturing of Model 3 with lithium iron phosphate (LFP) battery.

Breaking the News / JR