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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
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Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

  • MENA
  • 17 Jun 2025
Rescue team work at the site where a missile launched from Iran struck Tel Aviv, Israel, Monday, June 16, 2025 (AP)

Wave 12 of Operation True Promise 3 launched, Sejjil deployed: IRGC

  • Politics
  • 18 Jun 2025
Israeli workers survey the site where a missile launched from Iran struck in Haifa on Sunday, June 22, 2025. (AP)

True Promise 3, wave 20: 40 missiles launched, Kheibar-Shekan in first

  • Politics
  • 22 Jun 2025
Iran launches missile barrage to Tel Aviv, casualties reported

True Promise 3, wave 14: Tel Aviv targeted, casualties reported

  • Politics
  • 19 Jun 2025

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