After burning through an ungodly amount of cash in recent years, Tesla during the September quarter of 2018 finally managed to turn a profit. The figure itself wasn’t staggering — just about $312 million in net income when the dust settled — but the fact that Tesla proved it could actually generate a profit was a feat many in the auto industry previously claimed was an impossibility.
Interestingly, though, Tesla earlier this year was on the brink of losing it all. During an interview with Axios that aired on HBO over the weekend, Tesla CEO Elon Musk explained how Tesla was spending mountains of cash as part of its broader effort to boost Model 3 production. If you recall, the Model 3 for many months was plagued by a number of production issues, a situation which can be traced back to Tesla’s over-reliance on automation.
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Elon Musk reveals that Tesla was just weeks from ‘death’ in 2018 originally appeared on BGR.com on Mon, 26 Nov 2018 at 18:07:41 EDT. Please see our terms for use of feeds.
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