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Pakistani army: 6 soldiers and 7 militants killed in clash near the Afghan border
Israeli media: Sirens sound in the settlement of Kerem Shalom in the Gaza envelope area
Afghan source to Al Mayadeen: We still believe in dialogue and prioritize diplomatic solutions with Pakistan; though we are ready for all possibilities.
Afghan source to Al Mayadeen: Pakistan purposely obstructed negotiations in Turkey by making unrealistic demands.
Al Mayadeen's correspondent: More than 70 martyrs in Israeli attacks on Gaza since dawn.
Death toll from latest Israeli strikes on Gaza rises to 30
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Hamas confirms that it has no connection to the shooting incident in Rafah and affirms its commitment to the ceasefire agreement
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Al Mayadeen's correspondent: An Israeli airstrike targets the vicinity of Al-Shifa Medical Complex, west of Gaza City

Musk says new Tesla factories losing billions

  • By Al Mayadeen English
  • Source: Agencies
  • 23 Jun 2022 16:05
2 Min Read

Due to battery shortages and supply interruptions in China, Elon Musk claims that Tesla's planned plants in Germany and the US are "losing billions of euros."

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  • Musk says new Tesla factories losing billions
    Musk says new Tesla factories losing billions

Elon Musk revealed in an interview published on Wednesday that Tesla's new facilities in Texas and Germany are "losing billions of dollars" as the electric vehicle manufacturer struggles with production as a result of supply chain breakdowns and battery shortages.

"Both Berlin and Austin factories are gigantic money furnaces right now," said Musk in the interview with Tesla Owners of Silicon Valley, an official Tesla-recognized club, recorded on May 31. "It's really like a giant roaring sound, which is the sound of money on fire."

As he revealed employment cutbacks of up to 3.5 percent, Musk told Bloomberg earlier this week that supply shortages pose the largest threat to Tesla's ability to grow.

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Musk said in his interview with the Tesla Owners of Silicon Valley that pandemic-related shutdowns in China this year had proven "very, very difficult" for both Tesla's Shanghai factory and other plants elsewhere.

The Austin factory in particular was "losing insane money" as it faced challenges producing Tesla's new 4680 batteries and "the tooling necessary" for making its conventional 2170 batteries "is stuck in China," Musk said.

"Overwhelmingly our concern is, how do we keep the factories operating so we can pay people and not go bankrupt?"

Read next: Tesla stockholders ask judge to silence Musk in fraud case

  • United States
  • Germany
  • China
  • Elon Musk
  • Tesla

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