Elon Musk admitted that Tesla was really on the verge of bankruptcy

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2018-11-26 15:30:16

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Elon Musk admitted that Tesla was really on the verge of bankruptcy

In recent years is the focus not on the most rainbow reason. Shares of Tesla are jumping, the Ilona removed from management company due to a series of unfortunate tweets, and management decisions. The founder of Tesla and SpaceX kept the optimism and pretended that all is well. However, yesterday evening in a Sunday interview for HBO Elon Musk admitted that the many rumors were true and "Tesla was a few weeks away from bankruptcy."

As stated by Mr. Musk, it has nothing to do with recent events as "fever" at the beginning of the current year while increasing the rate of production Tesla Model 3. It is worth remembering that around the same time sparked a new wave of criticism of Tesla, stated that the financial condition of the company is very unstable and the value of its stock is highly inflated.

"Tesla has really faced a serious threat due to the increased volume of production of the Model 3. In fact, the company was throwing around money like crazy. And if we have not solved these problems in a very short period of time, We would have had to close. And these problems were extremely difficult to solve." said Elon Musk.

Musk Also shed light on the recent “production hell”, when Tesla started to produce 5000 Model 3 sedans a week. He said that he slept at the plant, as well as some employees of the company.

"People don't have to work so hard. It was a very painful decision for me when the production shift lasted 22 hours each day, 7 days a week. This is a hard decision, but I just took it because if I did not do… there was a high chance that Tesla will die."

Now Elon Musk says about the incident without a problem, because at the end of October 2018 Tesla showed unexpectedly good quarterly earnings and now the company is "no longer staring death in the face". The shares of Tesla at the moment has increased approximately 4.6% compared to the previous reporting period.

A Small segment of the Sunday interview you can watch in the video below.

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