Published: Thu, April 19, 2018
Money | By Michele Stevens

The internet wants to buy Elon Musk a better couch

The internet wants to buy Elon Musk a better couch

The Model 3 was already proving a problem production-wise, and when one of Tesla's older vehicles was involved in a fatal crash leading to a voluntary recall, it not only augmented the concerns for the Model 3, but led to a downgrading of Tesla's credit status.

With prices starting at $35,000, the Model 3 is Tesla's first vehicle aimed at the mass market (though well-optioned versions can top $50,000).

A spokesperson maintains that the shutdown was planned to "improve automation" and address potential bottlenecking, but yet another production target could mean a loss of investor confidence.

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"Tesla's been trying to run full tilt", said Chaim Siegel, an analyst at Elazar Advisors, before Musk's letter was published.

Earlier this month, after failing to hit many of Musk's 2017 goals, Tesla said it missed its first-quarter production target of 2,500 Model 3s per week.

Last Friday, CEO Elon Musk acknowledged for the 1st time that he had over-relied on automation in the Model 3 assembly line, a major admission from him as he previously thumbed his nose, rolled his eyes and smirked at the major auto makers manufacturing prowess and bragged about creating an "Alien Dreadnought" within the Fremont factory by Y 2018. It is the second time since February that Tesla has halted its production line for the Model 3 at its Fremont, California plant. He even forecasts that it's "possible" Tesla might be profitable in 2018. He also doesn't think the company will make its profit margin forecast. Delays and lower-than-expected volume have postponed revenue from cars being delivered to customers from reaching Tesla's bottom line.

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In order to accomplish the new production goal, Tesla is stopping work at the Gigafactory today.

Only a man who juggles as many "rich guy" projects as Elon Musk could have an entire roundup dedicated to his musky-self - unfortunately, it can't all be good news.

Weeks following a crash that claimed the life of Model X owner Walter Huang, Tesla's response to the event continues to create controversy for the automaker and its Autopilot system.Huang, 38, .

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