Tesla stops Model 3 production temporarily amid financial concerns

Tesla stops Model 3 production temporarily amid financial concerns

Chief Executive of the electric vehicle maker Tesla Elon Musk has said that the company will now build Model 3 sedan round the clock until the end of June to produce 6,000 cars per week. We reached out to Tesla about the email, but a representative declined to comment on it. Following that report, a California man named Ben Sullins started a GoFundMe page for the Tesla CEO called "Buy Elon Musk a Couch".

Between the Fremont plant and its battery factory, Tesla will be adding about 400 people per week for several weeks, Musk wrote.

"(The) Model 3 is critical to Tesla's growth", said Tim Bajarin, president of tech consultancy Creative Strategies.

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The Model 3 is the first mass-produced Tesla electric auto, notes CBS News.

"We are burning the midnight oil to burn the midnight oil", he said.

The Model 3 is key to Tesla's efforts to generate enough revenue to pay off investors and increase development of other electric vehicles.

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Tesla produced 9,766 Model 3s in the first quarter and missed a goal to build 2,500 of the sedans in the last week of March. The automaker is extremely keen to show a profit and cutting excess costs and finally, ramping Model 3 production will be its surest way of achieving its goal. "(Musk admits it's so uncomfortable that sometimes he sleeps on the floor.) Hey, Musk is 6'2" so maybe a new sofa is just what he needs to make Tesla's hard road a little easier.

If you frequently have the urge to walk out of tedious work meetings or hang up on contacts who are banging on, Elon Musk might just hire you. Last week, the company built 2,250 Model 3s, he said, along with 2,000 Model S and Model X electric cars. The company had about 37,500 employees as of the end of past year. He thanked his team for "accomplishing miracles every day".

From now, he said that any capital or miscellaneous expenditure above $1 million, or set of expenses that may accumulate to $1 million over the next 12 months, "should be considered on hold until explicitly approved by me". Musk describes the contractor situation within Tesla as being like a "Russian nesting doll" and that some perform "worse than a drunken sloth".

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Indeed, it's a general theme in Musk's memo that employees should follow common sense, and that they shouldn't be afraid to circumvent the normal Tesla chain of command if that's what it takes to get the job done. Any that fail to meet the Tesla standard of excellence will have their contracts ended on Monday.