Musk: Tesla's new factories in Berlin and Texas lose billions

Musk: Tesla’s new factories in Berlin and Texas lose billions

Photo: ANP

Tesla’s new electric car factories in Germany and Texas are losing billions of dollars. Here’s what Tesla CEO Elon Musk said. According to Musk, factories are facing high costs and difficulties in rapidly increasing production.

Tesla has a factory in Grünheide, east of Berlin, which officially opened earlier this year. Tesla also has a new facility in Austin, Texas. According to Musk, both manufacturers are now “giant money-burning blast furnaces”. Here’s what he told the owners of the Tesla Owners of Silicon Valley, a club for Tesla fans. According to the billionaire, the focus is now on continuing the business.

Musk recently said jobs at Tesla would be cut to cut costs. In addition, 3 to 3.5 percent of jobs should be lost in the coming months, according to the CEO. Musk also said he has bad feelings about the economy and that a recession in the US is a possibility.

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