Tesla was in a dire condition earlier this year, CEO Elon Musk indicated in an interview with Axios on HBO on Sunday.
While trying to ramp up production on Model 3 through spring and summer, the company was “bleeding money like crazy”, according to Musk. He said Tesla “came within single-digit” weeks of death, but was eventually able to make good on its production target for Model 3.
Tesla seems to have bounced back strong, as it posted in late October solidly positive third quarter earnings surprise coupled with higher-than expected car sales . Its adjusted earnings was $2.90 a share - versus an expected loss of 19 cents per share according to analysts polled by Refinitiv.
Earlier this month, Musk said Tesla was not “staring death in the face anymore”.