Tesla, Ford solely carmakers not gone bankrupt: Elon Musk

Image Source : AP Tesla, Ford solely carmakers not gone bankrupt: Elon Musk
As a number of carmakers bleed within the US and past, Tesla is worthwhile and in line with Elon Musk, his electrical automobile firm and Ford are the one two carmakers within the US which haven’t gone bankrupt. Tesla reported one other worthwhile quarter as income hit $10.74 billion within the fourth quarter of 2020. In final yr, Tesla achieved free money circulation of practically $2.8 billion after spending greater than $3 billion on constructing new factories and different expenditures.
US automaker Ford final month introduced to greater than double its funding in electrical and autonomous automobiles to $29 billion. The automaker had beforehand dedicated to spend $11.5 billion on electrifying its car lineup by means of 2022.
“Tesla & Ford are the only American carmakers not to have gone bankrupt out of 1000’s of car startups. Prototypes are easy, production is hard & being cash flow positive is excruciating,” Musk stated in a tweet on Friday.
Ford CEO Jim Farley responded to his tweet, saying: “Respect”.

In 2020, Tesla produced and delivered half 1,000,000 automobiles. In addition, Model Y manufacturing in Shanghai has begun.
Tesla this yr additionally registered its Indian subsidiary with the Registrar of Companies (RoC) in Bengaluru, on January 8.
“2020 was a defining year for us on many levels. Despite a challenging environment, we’ve reached an important milestone of producing and delivering 0.5 million cars,” Musk had stated.
On the opposite hand, Ford’s elevated funding is geared toward catching up with the EV market chief Tesla and maintain tempo with different automakers like GM and Volkswagen.
“We are accelerating our plans right now, breaking constraints, increasing battery capacity, improving our costs and getting more battery electrics into our cycle plan,” Ford CEO Farley stated final month.
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