Elon Musk: 'We were huge idiots' about Tesla Model 3

Marco Green
July 16, 2018

In an interview with Bloomberg, Tesla CEO Elon Musk said "we were huge idiots and didn't know what we were doing" when redesigning the production process for the company's Model 3 sedan.

Since then, however, signs have emerged pointing to the idea that Tesla would be able to sustain its 5,000/week production rate for the Model 3 this third quarter.

Fired Tesla employee Martin Tripp company was accused of defrauding investors and using unsafe batteries in the Assembly of electric vehicles.

In 2017 sales of electric and hybrid cars were responsible for more than half of new registrations in Norway, a record aided by the subsidies.

Analysts estimate that China takes up 16 percent of the total number of deliveries Tesla made in 2017, behind only USA who dominates at 48.6 percent.

Tesla follows Harley-Davidson Inc in charting plans to expand outside the U.S. to circumvent tariffs under Mr Trump's escalating trade disputes.

The clock is ticking for Tesla customers looking for incentives on their vehicle purchase.

"Today's announcement will not impact our USA manufacturing operations, which continue to grow". It'll take another two to three years for the factory to reach its capacity to build about 500,000 vehicles annually.

The tariff-hike move by the Chinese government apparently underscores a retaliatory decision, resulting from the United States government's latest list of tariffs for Chinese goods.

The move triggered immediate and dollar-for-dollar retaliation by China. Tesla raised prices on its Model S and Model X by amounts between $20,000 and $30,000, depending on the model.

Additionally, Tesla is gaining popularity in China. "It happens to be that now is when you have the trade altercation going on".

"I think that you'll see something similar to what they did in Nevada, with a partner like Panasonic", said Mr Kallo, referring to the gigafactory that Tesla and its Japanese battery-cell supplier operate along near Reno. But the joint statement described the plant as a Tesla "wholly owned Gigafactory".

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The lawsuit and subsequent tip to the SEC stand to create some havoc for Tesla at a time when the automaker has been hoping to calm the concerns of analysts and investors who have been anxious about the slow ramp-up of the critical Model 3 battery-sedan.

Tesla announced in June it was cutting nine per cent of its workforce, or nearly 4,000 jobs, in an effort to boost profitability.

Tripp also now claims the company overreported Model 3 production by up to 44%, according to the Post.

"If foreign automakers develop and build electric vehicles in the country, its domestic industry has the chance to absorb new, advanced technologies, helping China transform from a mere market into an automaking heavyweight", a report added.

Other reports by Click Lancashire

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