Tesla CEO Elon Musk looks like he’s finally starting to level with the public about his company’s cash burn – at least as it relates to Tesla’s new factories.
The company’s new factories in both Austin and Berlin were described by Musk this week as “gigantic money furnaces”. As if that wasn’t enough to entice your investment capital, he further commented that the factories are losing “billions of dollars”.
The losses are coming as the automaker looks to try and ramp up production in both locations.
Musk took part in a video interview with Tesla Owners of Silicon Valley in late May, where he made the comments, telling the online viewers: “Both Berlin and Austin factories are gigantic money furnaces right now.”
The discussion was filmed on May 31, according to a Bloomberg wrap up of the news out Thursday.