Tesla's new plants in Texas and Germany are "losing billions of dollars" as the electric car maker struggles with production due to sup

Elon Musk says new Tesla factories are "losing billions of dollars"

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2022-06-23 06:30:09

Tesla's new plants in Texas and Germany are "losing billions of dollars" as the electric car maker struggles with production due to supply chain disruptions and battery shortages, Elon Musk said in an interview released Wednesday.

What he's saying: "Both Berlin and Austin factories are gigantic money furnaces right now," said Musk in the interview with Tesla Owners of Silicon Valley, an official Tesla-recognized club, recorded on May 31. "It's really like a giant roaring sound, which is the sound of money on fire."

Why it matters: Musk told Bloomberg earlier this week that supply constraints are the biggest threat to growth for Tesla as he confirmed job cuts of up to 3.5%.

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