Economy

Hundreds of internet users crowdfund Elon Musk $5000 for a new sofa

Hundreds of internet users crowdfund Elon Musk $5000 for a new sofa

Tesla has paused Model 3 production for up to five days, as it seeks to improve automation processes in its Fremont, California, factory.

The auto maker said the halt - the second since February - was to improve automation and systematically address bottlenecks to increase production, a regular move by vehicle companies.

Between the Fremont plant and its battery factory, Tesla will be adding about 400 people per week for several weeks, Musk wrote.

That was hyperbole and the sector and its desenting Tesla analysts have been proven right.

Musk had admitted that "excessive automation" at the Tesla plant had contributed to what he calls "manufacturing hell" and had actually slowed down manufacturing of the crucial mass-market model.

More news: China to liberalize foreign ownership rules

He also Tweeted Friday that Tesla would be profitable and cash flow positive in the 3rd and 4th quarters, with no need to raise money.

Production of the Model 3 "increased exponentially" - to more than 2,000 per week - the company said in a statement earlier this month, even though the number fell short of the company's goal of 2,500 per week. Delays and lower-than-expected volume have postponed revenue from cars being delivered to customers from reaching Tesla's bottom line.

Tesla says shutdowns are common when a new model is launched and will improve production rates.

Also, there is a report alleging that Tesla under-counted worker injuries, and an amended lawsuit originally filed past year alleging CEO Musk misled investors about his Model 3 production.

According to a report in BuzzFeed, the break in production came as a surprise to employees, who have allegedly been forced to use annual leave or stay home without pay.


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