Elon Musk, CEO of Tesla, has accepted responsibility for the company’s production delays. The Model 3, Tesla’s latest electric vehicle, has suffered numerous setbacks, with production targets missed by a significant margin. Musk admitted that the company had become “complacent” and relied too heavily on automation in its factories, leading to a bottleneck in production.
Tesla’s third-quarter results revealed that only 260 Model 3 vehicles were produced, falling well short of the 1,500 target. Musk had previously predicted that Tesla would be producing 20,000 Model 3s per month by December 2017. The CEO has now conceded that this goal was overly optimistic and has pushed back the target to March 2018.
Despite these setbacks, Musk remains confident in the company’s future, stating that the issues are not insurmountable. He has also reassured investors that Tesla is still on track to achieve profitability by the end of 2018. Tesla’s shares initially fell following the announcement of the production delays but have since recovered.
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