• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 2 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 days "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 3 days ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 2 days Wind droughts
  • 9 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 7 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 21 hours Australian power prices go insane
  • 4 days Xi Is Set To Be Re-Elected As China’s Leader
  • 2 days Europeans and Americans are beginning to see the results of depending on renewables.
  • 3 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 2 hours "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 9 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Model 3 Production Brought Tesla To Brink Of Bankruptcy

Tesla came to the brink of bankruptcy before it launched the Model 3, chief executive Elon Musk said in a Twitter conversation.

In a thread started to commemorate a $40-million fundraiser for the carmaker in 2008, in response to the question “How close was Tesla from bankruptcy when bringing the Model 3 to mass production?” Musk said that for a month, Tesla was teetering on the edge.

The Model 3 was what Musk’s ultimate plan for Tesla had been about: an affordable electric car that everyone would want to buy. As he said on the Twitter thread, and as everyone who follows Tesla remembers, the months leading up to the launch were hectic, to put it mildly. The launch was delayed several times, there were problems with the manufacturing of the vehicles, and in the end, few remained confident that Tesla would succeed.

To date, the Model 3 is the most sold EV in Europe and also the most popular one in the world, at least as of August, when sales of the car topped 31,000. Over the first eight months of the year, Tesla sold 196,106 Model 3s globally.

Thanks to these strong sales, Tesla has been reporting profits for five quarters in a row now. It has plans for a new gigafactory in Germany, which the company recently said may be ready to start operations ahead of schedule. It also has plans to deliver as many as 1 million cars to customers in 2021.

In its most recent financial report, Tesla reported revenues of $8.77 billion and profits of $331 million. Earnings per share exceeded analyst forecasts, hitting $0.76 versus expectations of $0.57 per share. While most of the profits were the result of strong car sales, the bottom line was helped by Tesla’s regulatory credit business, which turned out stronger than expected.

By Charles Kennedy for Oilprice.com

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News