Tesla losing billions in cash-burning plants in Germany and US, Elon Musk says – The National

Tesla losing billions in cash-burning plants in Germany and US, Elon Musk says – The National

Elon Musk said new Tesla plants in Germany and Texas are losing “billions of dollars” as the electric-vehicle maker tries to ramp up production.

“Both Berlin and Austin factories are gigantic money furnaces right now,” Mr Musk said in a video interview with Tesla Owners of Silicon Valley that was posted online on Wednesday.

The comments, part of a broader discussion filmed on May 31, offer new insight into Tesla’s operations in the days leading up to Mr Musk’s decision to cut costs by laying off employees. The reductions will affect about 10 per cent of Tesla’s salaried workers over the next three months, or about 3.5 per cent of its global workforce, Mr Musk told Bloomberg at the Qatar Economic Forum on Tuesday.