During a recent interview, Tesla CEO Elon Musk shared some advice to those who wish to get into the electric vehicle market. While speaking at the Financial Times‘ Future of the Car summit, Musk stated that many fledgling electric vehicle companies today are actually adopting the wrong approach.
“Tesla almost went bankrupt so many times I lost count. To start a car company is mega pain. It is not easy money. It is the furthest thing from easy money you could possibly imagine,” Musk said.
“What I see with some of these new car companies is that they’re jumping in at the deep end and trying to create a high-volume vehicle when they have never made a vehicle before. This is like not practicing your athletic sport and then going to the Olympics. You’re not going to win. This is crazy.”
“You really need to start out small, makes your mistakes at a small scale, make sure you’ve got a lot of reserved capital, and then gradually build up from the dumb things you do in the beginning and be less dumb over time,” Musk said.
Elon Musk’s advice for EV makers. What should new EV makers do. How to follow Tesla’s path. How can new EV makers follow Tesla’s success. Elon Musk talks about Tesla’s mistakes and success.
This is Armen Hareyan from Torque News. Please follow us at on Twitter and for daily automotive news.
Tinsae Aregay Torque News Tesla