For the mercury billionaire, Tesla CEO Elon Musk Acknowledging that the company relies too much on robots for production.
"Tesla's over-automation was a mistake," Musk wrote in response to a Wall Street Journal reporter's tweet. "Human beings are undervalued." He also spoke on the CBS News show Gayle King, adding: "We had this crazy, complicated network of conveyor belts...and it wasn't working, so we got rid of the whole thing."
Tesla has faced mounting public pressure amid a slowdown in production of its Model 3 low-end car. The company disappointed investors recently by revealing that it missed its target of producing 2,500 vehicles a week.
Uncertainty causes stock volatility. A month ago, shares were trading at $340 before slipping to $252. Now the situation has begun to recover. Musk said that the company will achieve positive growth in profitability and cash flow in the third quarter.
That’s also what Musk revealed in a tweet to economists on Friday.
"There is no need to raise funds," he added. It closed at $300.34 on Friday.
The company has a market cap of $50.7 billion. By comparison, Ford Motor has a market cap of $45 billion.
Zhang Yue 