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Tesla CEO Elon Musk says his electric car startup was close to death over the last year — within "single-digit weeks," he told "Axios on HBO" — during the troubled ramp-up of the mass market Model 3.

Driving the news: Musk has previously said that the company nearly went bankrupt in 2008, the year he took over as CEO, and that at the time Tesla had "less than a 10% likelihood to succeed." Over the past year, he has called the Model 3 buildout "production hell," and watched as his own erratic behavior — including an ongoing scrape with federal authorities — contributed to a plunge in Tesla’s share price. 

But after months of waving away critics who described him as a slipshod manager, Musk admitted that Tesla "faced a severe threat of death."

  • "Essentially the company was bleeding money like crazy," Musk said. "And just if we didn't solve these problems in a very short period time, we would die. And it was extremely difficult to solve them."
  • During the summer, Musk called the 230-mile range, $35,000 Model 3 a "bet the company" project. 
  • Asked how close to death Tesla came, Musk replied: "I would say within single-digit weeks."

Why it matters, from Axios future editor Steve LeVine: Musk’s admission shows just how dire conditions became at a company that is synonymous with him, and that many regard as the key to a future electric car revolution.

  • Thought bubble from Axios' Felix Salmon: At worst, Tesla was single-digit weeks away from having to do a dilutive equity capital raise.

Musk said he spends about 70% of his time on Tesla — sometimes seven days a week, and sleeping in the factory.

  • "I was in the paint shop, body shop ... end of [the] line where we do final check out of vehicles," he said. "I personally redesigned the whole battery pack production line and ran it for three weeks. Pretty intense."
  • "I think what a lot of people don't understand is that I'm like the chief engineer like that. I actually do lead engineering of the rockets and lead the engineering of the vehicles and production. ... Ninety percent of my day is spent on engineering and production.

Asked what he does that no one should do, Musk answered: "No one should put this many hours into your work. This is not good. People should not work this hard."

  • "This is very painful," he said. "It hurts, it hurts my brain and my heart. It hurts. ... There were times when I was working literally 120 hours. This is not recommended for anyone."
  • "I just did it because if I didn't do it, then [there was a] good chance Tesla would die."
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Go deeper

Updated 1 hour ago - Health

Lawsuit challenging Houston Methodist's COVID vaccine mandate dismissed

Houston Methodist Hospital in Houston, Texas. Photo: Brandon Bell/Getty Images

A federal judge on Saturday dismissed a lawsuit brought by 117 Houston Methodist staff over the hospital's policy requiring all employees to be vaccinated against COVID-19.

Why it matters: This is the first federal court ruling on a coronavirus vaccine mandate. Attorney Jared Woodfill, representing the plaintiffs, told KHOU 11 it's "the first battle in a long fight," as he vowed to file another lawsuit soon.

G7 leaders to announce plan to phase out gasoline cars

British Prime Minister Boris Johnson talks next to President Joe Biden and French President Emmanuel Macron at the G7 summit in Carbis Bay, Cornwall, England, on Saturday. Photo: Leon Neal/Getty Images

G7 leaders are set to outline Sunday a range of measures to tackle climate change, including "ending almost all direct government support" for fossil fuels and phasing out gasoline and diesel cars.

Driving the news: The plan was outlined in a British government announcement Saturday, which states that the leaders will also agree to halting "all unabated coal as soon as possible."

267 mass shootings recorded in U.S. so far this year

An ATF K9 unit surveys the area near the scene of a shooting in Austin, Texas, on Saturday. Photo: Sergio Flores/Getty Images

Mass shootings in three states overnight has taken the total number of such events for this year to 267, the Gun Violence Archive announced Saturday.

Driving the news: The nonprofit research group has since Friday recorded seven incidents of gun violence across the U.S. that meet its definition of a mass shooting — when four or more people have been shot.