Musk: New Tesla factories lose billions in Berlin and Texas

Electric car maker Tesla’s new factories in Germany and Texas are losing billions of dollars. Said Elon Musk, CEO of Tesla. According to Muskin, factories face higher costs and difficulties in rapidly increasing production.

Tesla has a factory in Grunheit, east of Berlin, which opened formally earlier this year. Tesla has a new facility in Austin, Texas. According to Muskin, the two factories are now “big money-burning explosives.” This is what he told the Tesla owners of Silicon Valley, a Tesla fan club. According to the multi-billionaire, the focus is now on continuing the work.

Musk recently said that jobs at Tesla would be cut to cut costs. Also, 3 to 3.5 percent of jobs are expected to be lost in the coming months, the CEO said. Musk said he had bad feelings about the economy and that a recession was likely in the United States.