As a company that focuses on business, profits and losses could be something that is not certain. Not so long ago, Tesla company also has announced that it might be close to bankruptcy. Tesla is one of the most valuable and also the most profitable automakers in the world. Everybody would definitely know about this company.
Elon Musk, the CEO of Tesla company recently tweeted this week that the particular company was within a month of filing for bankruptcy. This happen when the company was struggling to bring its best-selling vehicle that is the new Model 3 Sedan to the market.
Closest we got was about a month. The Model 3 ramp was extreme stress & pain for a long time — from mid 2017 to mid 2019. Production & logistics hell.
— Elon Musk (@elonmusk) November 3, 2020
According to a report, Tesla was in a really serious cash crunch as the company’s losses mounted and it also struggled to hit various production targets for the Model 3. But Musk hadn’t previously disclosed the company was close to filing for bankruptcy even though he did make a joke about a bankruptcy filing in a separate tweet on April Fool’s Day in the year 2018.
Fortunately, Tesla’s struggles seem to be ancient history. Tesla has recently reported record, sustained profits, an industry-leading profit margin, and strong cash flows. And the stock has responded in kind, with shares of Tesla soaring more than 400% this year.
Sources: Twitter Elon Musk
