Headlines about Tesla ($TSLA) from the past 24 hours are not kind. "Tesla is burning through billions, and it's revealing and ugly reality" from Business Insider foretells a dark future. "No Way To Run A Factory: Tesla's Hiring Binge Is A Sign Of Trouble, Not Progress" from Forbes is equally damning.
In an effort to stave off concerns over Tesla's ability to finally meet production demands for its much-maligned Model 3 launch, CEO Elon Musk and the company are promising a massive hiring spree in order to meet demand. The hiring plans include 400 positions per week at its Fremont manufacturing facility and its Sparks, Nevada Gigafactory where Tesla produces batteries for the vehicles.
A quick look at overall hiring data for Tesla does indeed show a sharp uptick in the past few months:
And, indeed, openings at both the Fremont and Gigafactory facilities are looking healthy, as we've reported previously:
Fremont Openings
Sparks Gigafactory Openings
According to reports from Forbes, Tesla will operate the Fremont Model 3 plant 24 hours a day, 7 days a week. But industry experts remain skeptical. "The fastest we would hire 400 people would be 12-13 weeks," a Ford spokesperson told Forbes. Meanwhile, financial analysts are concerned that the cost of the hires and associated training will be so expensive that Tesla could run out of funding before Model 3s turn a profit for the company.
Meanwhile, Elon Musk himself has promised a profitable future for Tesla Motors:
We'll keep tracking job openings at both the Fremont and Sparks Tesla plants as this hiring spree takes off.