Tesla, Inc. is an American company that specializes in electric automobiles, energy storage and solar panel manufacturing based in Palo Alto, California. Founded in 2003, the company specializes in electric cars, lithium-ion battery energy storage, and residential photovoltaic panels. As of late 2017, Tesla now employs over 37,000.
CEO Elon Musk said that he envisions Tesla as a technology company and independent automaker, aimed at eventually offering electric cars at prices affordable to the average consumer. The company's Model S car was the world's best-selling plug-in electric car in 2015 and 2016. Global sales of the Model S reached the 200,000 unit milestone during the fourth quarter of 2017. In September 2015, the company released its Model X, a crossover SUV. The Model 3 was released in July 2017. Tesla production …show more content…
But in a letter to shareholders, Tesla warned it expects to achieve a production rate of 5,000 Model 3 cars per week late in the first quarter of 2018. Previously, the company had said it hoped to achieve that number by the end of 2017.
Tesla’s production problems were first revealed in October when the company announced that it had only made 260 Model 3s since the car’s launch this summer. Tesla initially predicted that it would produce 1,500 Model 3s in September. On Twitter, CEO Elon Musk blamed “production hell” and “bottlenecks” for a lower yield, but other reports pinned the blame on a production process that was still relying on hand-made parts and inadequate communication with the company’s suppliers.
Tesla shows its need for fresh cash came into high relief last on November 2017 when Musk unveiled his latest plan to raise funds. He’s asked customers to pay him upfront to order vehicles that may not be delivered for