The electric carmaker updated its website for customer reservations on Wednesday, including a table that shows the base Model 3 won’t be available until some time next year. That follows a painful earnings call for Chief Executive Officer Elon Musk, who described the company as being in the “eighth level of hell” (there are nine, in case you’re counting). The stock price fell 8.9 percent on Thursday, the most in more than 16 months.
People from key teams at Tesla are focused on fixing bottlenecks that have hobbled production, said Musk, who held his earnings call at the Nevada battery factory where he and co-founder J.B. Straubel are spending their days and nights. Despite earlier reports that it was the company’s California assembly plant that was gumming up the works, it turns out the famed Gigafactory is the heart of the problem. The reallocation of resources to fix the difficulties may be contributing to delays for Autopilot, the Solar Roof, the Tesla Semi, and the Tesla Network.
“Tesla’s cash burn is astounding, and time is ticking,” said Salim Morsy, an electric-car analyst at Bloomberg New Energy Finance. “They have some pretty urgent things to deal with, and we just don’t have any visibility right now.”
Must be a very stressful time to work at Tesla, especially with the layoff situation.
The article goes on to detail the issues with the Model 3 and its probable knock-on impacts on Autopilot, the Solar Roof, the Tesla Semi, and the Tesla Network.