• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 52 mins Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 7 hours China's Blueprint For Global Power
  • 2 hours IMO 2020:
  • 4 hours World Stocks Drop And Futures Tread Water After China Reports Worst GDP Growth In 30 Years
  • 8 hours Why did Aramco Delay IPO again ? It's Not Always What It Seems.
  • 12 hours National Geographic Warns Billions Face Shortages Of Food And Clean Water Over Next 30 Years
  • 12 hours ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 12 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 5 hours Deepwater GOM Project Claims Industry First
  • 13 hours PETROLEUM for humanity 
  • 12 hours Idiotic Environmental Predictions
  • 6 hours Brexit agreement
Alt Text

Bearish Sentiment Takes Hold Of Oil Markets

Oil prices were down on…

Alt Text

Tesla's 5 Most Inspiring Inventions

While Elon Musk garners most…

Alt Text

Why Did Rick Perry Resign?

Rick Perry has become the…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

''Car Biz Is Hell'': Musk Is Back To Sleeping At The Factory

They say not to bring your work home with you, but what about bringing your home to work? Elon Musk is doing just that, saying on Monday that he is back to sleeping at the factory in an attempt to fix the production woes at Tesla’s mass-market Model 3.

In a Twitter exchange on Monday, Musk quashed rumors that Tesla’s Vice President of Engineering Doug Field has fallen out of grace, and tweeted that as chief executive, he is focusing on the most critical issues, which currently is the Model 3 production, while Field is focused on vehicle engineering.

“About a year ago, I asked Doug to manage both engineering & production. He agreed that Tesla needed eng & prod better aligned, so we don’t design cars that are crazy hard to build. Right now, tho, better to divide & conquer, so I’m back to sleeping at factory. Car biz is hell …” Musk tweeted.

Tesla—which just went through a very bad month on the stock market, losing 22 percent—started the month of April equally disappointing, dropping more than 5 percent on Monday ahead of today’s first-quarter delivery numbers, which some feared would shed an ugly light on how tough the “production hell” for the Model 3 has been.

When it reported 2017 figures in February, Tesla said that it continued to target weekly Model 3 production rates of 2,500 by the end of Q1 and 5,000 by the end of Q2. Related: Are We Sleepwalking Into The Next Oil Crisis?

In an email to employees, obtained by Electrek, Musk has recently said that “It has been extremely difficult to pass the 2000 cars per week rate for Model 3, but we are finally there. If things go as planned today, we will comfortably exceed that number over a seven-day period!”

This is below the 2,500-per-week target by the end of Q1, and both bull and bear analysts widely expected the company to miss that target when it reports Q1 delivery numbers later today. Tesla produced 9,766 Model 3s in Q1, according to Tesla’s quarterly production figures reported today, below some analyst expectations but above others. The one thing that analysts got right is that Tesla did indeed miss its self-imposed production targets for the Model 3.

Still, Tesla shares jumped after the production figure releases.

Elon Musk’s April Fools’ tweets joked about Tesla going bankrupt, but analysts aren’t joking when they say that the company may have to tap capital markets before the end of the year to raise financing because it continues to burn a lot of cash. With the continuous Model 3 ‘production hell’, Tesla is likely to find fresh funding more expensive and more difficult to get, according to analysts.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment
  • cowboybob on April 03 2018 said:
    the big con continues...and the drones keep buying the stock.
  • snoopyloopy on April 04 2018 said:
    Yet, the TM3 was still the EV best-seller for the last month and Q1 of 2018 and will almost certainly continue to capture that same title for the foreseeable future.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play