Elon Musk says new Tesla plants are ‘money furnaces’ losing billions

The comments, part of a broader discussion filmed May 31, offer new insight into Tesla’s operations in the days leading up to Musk’s decision to cut costs by laying off employees. — Reuters

Elon Musk said Tesla Inc’s new plants in Germany and Texas are losing “billions of dollars” as the electric-vehicle maker tries to ramp up production.

“Both Berlin and Austin factories are gigantic money furnaces right now,” the chief executive officer said in a video interview with Tesla Owners of Silicon Valley posted online on June 22.