The company burned through a record amount of cash in order to bring the cheap, long-range Model 3 to market.
Editor’s Remarks: Elon Musk definitely is not afraid to put other people’s money where his mouth is. Investors saw a whopping $1.16bn turned into 30 Model 3s delivered to the first customers, while the rest of the half million units ordered might take up to 18 months to reach their new owners. However, Tesla’s shares surged on Musk’s vision for the future: deliveries of Model 3 sedans in the hundreds of thousands, an electric semi-truck and more solar roofs. In the meantime, Germany might be looking to steal Musk’s shine by building a 34 gigawatt-hour factory to rival Musk’s Gigafactory.