Tesla has faced a number of challenges this year, including concerns over its finances, ability to build cars at scale, and public comments towards and from Musk and Tesla. In March, the rating agency Moody’s downgraded Tesla’s credit rating from B2 to B3 because of concerns about the company’s ability to hit its production targets for the Model 3. The move hurt Tesla’s stock price and drew attention to how the company has spent and raised money.
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It also brought concerns over whether the company might eventually go bankrupt. Tesla made 9,766 Model 3 vehicles in the first quarter of this year, which marked a great improvement over the fourth quarter of 2017. But the company didn’t hit its goal of producing 2,500 Model 3s per week by the end of the first quarter, reaching only 2,020 in its final week. At the end of June, Tesla hit its goal of making 5,000 Model 3s in one week, a rate of production Musk originally hoped to achieve by the end of 2017. Tesla produced more vehicles during the second quarter of this year than in any previous quarter in the company’s history and made more Model 3 sedans than in the previous three quarters combined. In March, Tesla issued the largest recall it involved power-steering systems in 123,000 Model S sedans. Tesla said five bolts responsible for holding the power-steering motor in place could corrode, break, or come loose, which could result in the loss of power steering. Tesla so far has made progress and continues to strive in the market.
Electric cars will be the most dominant runner in the future. Laws and regulations are beginning to change to benefit electric vehicles because people are more aware of emissions and pollutants effects on the earth. With the government and society recognizing that there needs to be a change and realizing electric vehicles might be the best answer because of their reliability, affordability, and eco-friendliness. More and more manufacturers of gasoline cars are transitioning to building electric vehicles, such as Ford, GM, and other big-name companies. To tell the future of this new industry is very difficult for now, anything can change drastically within 5-10 years, hopefully it is for the best.
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