Tesla CEO Elon Musk said the company’s new factories in Texas and Germany are “gigantic money furnaces,” according to an interview released on Wednesday
What did Musk say?
Musk told the Tesla Owners of Silicon Valley fan club in late May that the two production sites are losing the company “billions of dollars,” citing high costs, low output and supply chain issues.
Both of the plants were opened earlier this year.
“Overwhelmingly, our concern is how do we keep the factories operating so we can pay people and not go bankrupt?” the South African-born entrepreneur said.
In regards to the Texas plant, the facility is producing a “tiny” number of cars due to obstacles in bolstering the production of its new “4680” batteries. The conventional “2170” batteries could instead be used…
