In
a rare mea culpa for the mercurial billionaire, Tesla CEO Elon Musk acknowledged that the company
has been too reliant on robots for production.
Yes, excessive automation at Tesla was a mistake. To be precise, my
mistake. Humans are underrated.
— Elon Musk
(@elonmusk) April 13, 2018
“Excessive automation at Tesla was a mistake,” Musk wrote,
responding to a Wall Street Journal reporter’s tweet. “Humans are underrated.”
He also talked about this with CBS News’ Gayle King, adding “we had this crazy,
complex network of conveyor belts….And it was not working, so we got rid of
that whole thing.”
Tesla has faced mounting public pressure amid a production
slowdown for its Model 3, its lower-priced car. The company recently revealed
that it missed its target to produce 2,500 cars a week, disappointing
investors.
The uncertainty has resulted in a volatile stock. A month ago
shares were trading at $340 and then slid to $252. Things have started to
recover now that Musk says the company will be profitable and cash flow
positive in the third quarter.
This was also revealed in a tweet that Musk wrote to The
Economist on Friday.
The Economist used to be boring, but smart with a wicked dry wit. Now it’s
just boring (sigh). Tesla will be profitable & cash flow+ in Q3 & Q4,
so obv no need to raise money.
— Elon Musk
(@elonmusk) April 13, 2018
There’s “no need to raise money,” he added. Shares closed Friday
at $300.34.
The company has a market cap of $50.7 billion. By comparison,
Ford Motors has a market cap of $45 billion.
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