Electric car maker Tesla aims to increase production to 500,000 units annually, but it has yet to turn a profit.
CEO Elon Musk said that the electric car maker plans to cut roughly 3,000 jobs, prompting another sharp dip in share prices. Tesla is struggling in the US as the government rolls back a tax credit for buyers.
The automotive industry is coming under increasing pressure worldwide due to a growing focus on electric mobility, autonomous driving and digital services. Competition from China is also on the rise.
The German auto giant's board has approved plans to spend €44 billion over the next five years to overhaul its plants for electric vehicle production. DW explores where the money will be spent.
US automaker Tesla has confirmed that it reached a manufacturing milestone over the weekend. The company was able to produce 5,000 electricModel 3 vehicles in roughly a week, only hours after the deadline.
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