With the Model 3, Elon Musk aims to bring his creation to the common man. Priced at just 35,000 USD, the car is affordable and filled with technology that you won’t find in any other car of its segment. Being a Tesla, means it’s quiet, polar bear friendly,and luxurious. It also has the biggest and the best in autonomous driving technology. The company initially aimed to manufacture over 5000 cars per week in 2018. The problems regarding the Model 3, is due to the high degree of automation. Model 3 is largely made out of steel and not Aluminium like its other cars. Elon further blames the welding procedures for the delay. Regardless, the losses are in high 9 figures.
The Tesla Model 3 aims to make fast electric cars affordable
So how bad is the situation?
The quarterly losses is as high as 619 million USD. Crikey! Tesla aims to reduce the sales of Model S and the Model X. The initial targets now look anything but feasible.
Nevertheless, knowing Elon and his ability to climb his way up from situations like these, we hope it’s only a few months before Tesla gets back up on its feet.