×

We've got news for you.

Register on TimesLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

Musk warns of Tesla’s ‘very tough quarter’ in employee message

14 June 2022 - 08:58 By Ed Ludlow
Tesla employees assemble cars on the production line.
Tesla employees assemble cars on the production line.
Image: Bloomberg

Tesla Inc has had a “very tough quarter” as it struggles with supply-chain snags, CEO Elon Musk warned in an internal memo, imploring workers to help get the electric-vehicle maker back on track.

“This has been a very tough quarter, primarily due to supply chain and production challenges in China,” Musk said in an email to employees over the weekend. “So we need to rally hard to recover!”

The company’s Shanghai plant, which had slowed production in recent weeks amid severe Covid-19 restrictions, is returning to full strength and its Austin, Texas, facility is ramping up production as well, Musk said. Last week, he noted, Tesla’s Berlin factory built almost 1,000 cars, while its Fremont, California, plant notched a record day of production.

Tesla’s shares tumbled 7.2% at 10:24am in New York amid a broad market decline. The stock had fallen 34% this year through Friday’s close, worse than the decline in the S&P 500.

Electrek earlier reported Musk’s email.

More stories like this are available on bloomberg.com


subscribe