Elon Musk, the CEO of Tesla Company unwinds that just before the release of the Model 3 sedan for mass production, the automaker was a month away from bankruptcy.
The Story Behind…
The tenure between mid-2017 to mid-2019 was very stressful and painful forTSLA’sModel 3 revamp, said by the executives. According to Elon Musk, this period was remarked as “production logistics hell”. Further explaining, he added, “I put in my last money, even though I thought we would still fail. But, it was either that or certain death for Tesla.” The sincerity of the situation can be just assumed by the above statement. Imagine the billionaire entrepreneur saying so, henceforth it might be a very hectic situation.
The challenge taken by Elon Musk is commendable as the times were not in favour of anyone. Companies or rather competitors like General Motors Company, Fiat Chrysler Automobiles NV, etc. were going bankrupt. Elon Musk said, “it was extremely difficult to raise money for an electric car startup.” The standards set by Elon Musk were very high and he had thought of desired stock prices as well.
The Reason Behind…
Looking at the performance of Model 3 of Tesla (tesla stock), which performed exceptionally well in China, this summer, with over 11,014 units sold by July in the country. Model 3 of Tesla was going to be the ‘most popular electric car in the world’ this year.
From the very start of the year, Model 3 of Tesla was produced at its highest pace in China at Shanghai GigaFactory. And with that being said, they also announced the completion of Model Y (the main structure) of Tesla with a second phase revamp and new facilities. Countries like Germany, France, Switzerland and 10 other countries started experiencing Model 3 vehicles made in China. They started the shipment of automakers as early as last month.
As Elon Musk described the heat of the moment through his tweets over the automaker’s bankruptcy, the Palo Alto-based automaker has made its way too far from it. This seems like cheering news, hoping for more such updates sooner or later.
The Profit Margin
As imagined or rather planned earlier by Elon Musk, the CEO of Tesla Company, its shares closed at 5.8% higher from last seen on Tuesday that was $ 423.90. The gain per cent acknowledged is around 0.17% in the after hour’s sessions.
This is the proof of all the hard work put in by the team of Tesla in curating Model 3, all the difficulties were worth it at the end. For more information like releases, you can check at https://www.webull.com/releases/nasdaq-tsla.
