What China JUST DID To Elon Musk And Tesla Changes EVERYTHING! | Who’s To Blame?!
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Transportation is at a turning point. Even though gas cars are still the most common, it’s becoming clear that electric cars are the way of the future, and a lot of this excitement is due to one company. In the wake of Tesla’s inexpensive electric vehicles of all kinds, the automobile industry has been shaken to its core. However, plenty of problems are plaguing the company right now. When it comes to challenges, Tesla is in the midst of the worst crisis the company has ever had to deal with.
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Inefficient operations, high debt, and struggling physical storefronts are some of the challenges many businesses confront today. The Covid-19 outbreak exacerbated these problems and hastened the demise of several shops struggling with declining sales and mounting debt due to shifting consumer tastes in the prior years.
And, of course, Tesla is not immune to this.
Recently, Elon Musk has had to deal with layoffs, lawsuits, and, according to the world’s richest man, worries about going bankrupt.
In a statement to CNN on June 23, Elon Musk stated the electric vehicle manufacturer risks billions of dollars in losses due to its new plants, supply chain issues, and covid lockdowns.
According to CNN, which cites an interview with a Tesla owners group filmed last month and recently posted, “The past two years have been an absolute nightmare with supply chain delays, one thing after the other.” “It’s not over yet. Our first issue is how to keep the factories running so that we can pay our workers and avoid bankruptcy.”
‘Massive Money Furnaces’
Tesla CEO Elon Musk claimed in a video interview with Tesla Owners of Silicon Valley that the company’s plants in Berlin and Austin are “giant money furnaces” at the moment.
Tesla’s operations in the days leading up to Musk’s decision to reduce expenses by laying off the staff are revealed in these statements, which were part of a larger discussion filmed on May 31.
Elon Musk told Bloomberg News Editor-in-Chief John Micklethwait that layoffs would touch around 10% of the company’s paid staff over the next three months. This is about 3.5 percent of the company’s global workforce.
While all was going on, Credit Suisse analyst Dan Levy cut his price objective for Tesla to $1,000 from $1,125 on June 24 while maintaining an outperform rating for the stock.
Levy anticipates Tesla to deliver 242,000 vehicles in the second quarter. This is lower than the 280,000 expected by the sell-side and is primarily due to the Shanghai covid-19 shutdown. On the other hand, the analyst estimated a $1.10 per share for the second quarter. This price below the consensus of $2.08, was cut due to lower deliveries, margin impact, and a projected bitcoin impairment.
Tesla’s long-term fundamentals are intact, and the increasing supply limitations will likely expand its advantage over rival carmakers in the race to electric vehicles.
During all this bad news, it’s understandable that Tesla CEO Elon Musk would want more people to know that the company has topped the Cars.com 2022 American-Made Index.
All Tesla production facilities were affected.
Shanghai’s power outages were “very, extremely difficult.” According to him, it will require “a lot of attention” to fix these problems. Because it began with the 2170 batteries, the Berlin plant has seen an increase in output.
However, both Texas and Berlin have had a difficult time increasing production. Musk’s statements come as the corporation is cutting 10% of its workforce. Additionally, the corporation has decided to put a temporary halt on all new hires across the globe.
He said this has been a nightmare of supply chain disruptions that hasn’t ended for the past two years. 2,000 people will be laid off during the next three months.
The Shanghai factory will close for two weeks.
This also affects production at the company’s Fremont, California plant. Many of the components utilized in the manufacturing process are sourced from China. The factory will be shut down for two weeks in July to prepare for increased production in China. According to Reuters, the factories will then receive modifications to help increase output.
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