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Autos

Musk says Tesla is now in 'delivery logistics hell'

Key Points
  • Tesla's CEO Elon Musk acknowledged that the electric carmaker's problems have now shifted to delivery logistics from production delays.
  • It was the latest speed bump in its efforts to achieve profitability.
  • Tesla's ability to deliver on production targets has weighed on its stock in the past, and the company has been working to iron out production bumps after failing to meet production targets for its Model 3 sedans.
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Tesla CEO Elon Musk addresses delivery logistics issues

Tesla's Chief Executive Officer Elon Musk acknowledged that the electric carmaker's problems have now shifted to delivery logistics from production delays, the latest speed bump in its efforts to achieve profitability.

"Sorry, we've gone from production hell to delivery logistics hell, but this problem is far more tractable. We're making rapid progress. Should be solved shortly," Musk said in a tweet in response to a customer complaint on delivery delay.

The 47-year-old billionaire, who earlier this month faced investor ire over smoking marijuana on a live web show, has indicated in the past that Tesla's customers may face a longer response time because of a significant increase in vehicle delivery volume in North America.

Tesla's ability to deliver on production targets has weighed on its stock in the past, and the company has been working to iron out production bumps after failing to meet production targets for its Model 3 sedans.

The company said in August that it expects to build a total of up to 55,000 Model 3s in the third quarter.

Musk said last week the company would eliminate some color options for its electric cars to streamline production.

WATCH: Tesla and Elon Musk's wild August — in nine minutes

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Tesla and Elon Musk's wild August
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Industrials

DowDuPont names CEO Ed Breen executive chairman of its specialty products spinoff

Key Points
  • DowDuPont said Chief Executive Officer Edward Breen will take over as the executive chairman of its specialty-products unit, after the chemicals major separates into three different units.
  • Dow and Dupont, which completed its $130 billion merger last September to form DowDuPont, had said it would create three separately traded companies, focusing on agriculture, plastics and specialty products.
  • Breen had spearheaded the merger at that time.