Elon Musk: Tesla was month away from bankruptcy

Tesla has become the most valuable and (by some measures) the most profitable automaker in the world, But a short while ago it nearly toppled into bankruptcy.

CEO Elon Musk tweeted this week that the company was within a month of filing for bankruptcy when it was struggling to bring its best-selling vehicle, the Model 3 sedan, to market.

"Closest we got was about a month," he said when asked via Twitter how close Tesla got to bankruptcy. "The Model 3 ramp was extreme stress & pain for a long time — from mid 2017 to mid 2019. Production & logistics hell."

Tesla was in a serious cash crunch as losses mounted and it struggled to hit various production targets for the Model 3. But Musk hadn't previously disclosed the company was close to filing for bankruptcy -- although he did joke about a bankruptcy filing in a separate tweet on April Fool's Day in 2018.
Today, Tesla's struggles seem to be ancient history.

Tesla has recently reported record, sustained profits, an industry-leading profit margin and strong cash flows. And the stock has responded in kind, with shares of Tesla (TSLA) soaring more than 400% this year.

#Elon Musk #Tesla

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.