Tesla plans to boost its overall factory production with large industrial robots
The new robots were named Cyclops, Iceman, Thunderbird, Wolverine and Xavier. The automaker’s chief executive officer, Elon Musk, named the robots after superheroes. The machines are key to the 5.3 million square foot factory’s success. The company aims to manufacture thousands of its Model S sedans.
Tesla’s financial loss is a cause for concern
Tesla Motors recently reported a significant loss of $107.6 million for the last quarter. The automaker strives to double production within the next year, just in time for the Model X SUV’s arrival.
Since the financial crisis, Warren Buffett's Berkshire Hathaway has had significant exposure to financial stocks in its portfolio. Q1 2021 hedge fund letters, conferences and more At the end of March this year, Bank of America accounted for nearly 15% of the conglomerate's vast equity portfolio. Until very recently, Wells Fargo was also a prominent Read More
Tesla also hopes to finish the design of its budget-friendly Model 3. The company is racing to compete with General Motors, which plans to release the Chevy Bolt, GM’s first all-electric vehicle, in two years. Gartner Inc’s vice president, Thilo Koslowski, believes Tesla is ready to move forward as a serious brand. It is no secret that the company struggled to build cars as fast enough as customers expect.
Time to step up the game
There are 10,000 outstanding orders for Model S sedans and 20,000 for Model X SUVs. Despite this problem, Tesla cultivates a strong following of faithful fans. One of the company’s factory tour leaders thinks Tesla needs to step up its game if it wants to remain relevant to fans. Adam Slusser said if the company fails to roll out the electric car revolution, there may never be a chance like that again.
Elon Musk’s company also has a lot of fans on Wall Street. Ark Investment Management executive Cathie Wood sees Musk as an innovator. She added that he contributed to the future of automotive technology. Not everyone has such high hopes for Tesla. AutoWeb editor Michael Harley stressed concerns that the automaker hasn’t come up with something innovative since 2008, and he believes time is running out.