For months Tesla has been stuck in “production hell”, with delays to manufacturing of its mass-market Model 3 testing the patience of customers and causing it to haemorrhage cash.
That is changing. The amount of cash burnt by the electric carmaker fell last quarter to $739m, against estimates of $901m. And it has staved off the need for yet another injection of funds — trimming spending plans and forecasting both positive cash and an accounting profit over the next two quarters.
Elon Musk, Tesla chief executive, also expected his group to make 50,000-55,000 Model 3s next quarter, and said it could scale up production for a “tiny fraction” of the cost of getting the car’s assembly up and running.
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