Everything of Elon Musk; Two projects on the verge of bankruptcy, where he put all his fortune and life on, came to an end in 2008 and sold his house and car and tried to continue by borrowing money from his wife and friend: Tesla and SpaceX Project. So why did these projects come to the brink of bankruptcy and how did Elon Musk save these projects from bankruptcy with so much effort? In this article, there is a key detail of the two projects mentioned returning from bankruptcy, read below.
WHAT IS THE TESLA ELECTRIC VEHICLE PROJECT?
Tesla is an electric vehicle project created by the combination of two different groups of friends. Musk also has an electric vehicle project; However, an engineer entrepreneur working on batteries and 2 engineers working on electric vehicles came together and started to produce electric vehicles in the United States. Musk contacted these two different groups and the Tesla project emerged as an investor. Musk has insisted on leading these projects; but the other 2 different partners only saw Musk as investors; But Musk actually has a unique project and wants to develop his own project by taking advantage of these two technologies.
Importance of Data Analysis; How Tesla and SpaceX Returned From Bankruptcy
WHAT IS TESLA ELECTRIC VEHICLE PROJECT? Tesla is an electric vehicle project created by two different groups of friends. Musk also has an electric vehicle project; However, an engineer entrepreneur working on batteries and 2 engineers working on electric vehicles came together and started to produce electric vehicles in the United States. Musk contacted these two different groups and the Tesla project emerged as an investor. Musk has insisted on leading these projects; but the other 2 different partners only saw Musk as investors; But Musk actually has a unique project and wants to develop his own project by taking advantage of these two technologies.
RECEIVING TESLA ORDERS AND STARTING OF THE SUCKING PROCESS
After the Tesla electric vehicle project was introduced in America, orders were started to be collected and vehicle production was initiated. But there is a problem and the team, which is inexperienced in vehicle production, started to experience a lot of difficulties in production. The most important problem is the problem of coping with costs; Because the costs of the vehicles with orders for $ 100,000 increase to $ 270,000 and the production time is also prolonged. It cannot be delivered in orders, although it has been a few years from the order date. Bad news and bankruptcy rumors started in the press, and the 4-year Tesla project came to the brink of bankruptcy in 2008 and the company is going bankrupt.
SPACEX FAILED IN THREE LAUNCHES, BANKRUPTCY IS AT THE DOOR
SpaceX project is a project initiated by Elon Musk with the goal of reducing costs by making reusable rockets and establishing a colony on Mars, and Elon Musk has invested his entire fortune in this project, which is approximately 350 million dollars. and made 3 launches and failed all three. By the end of 2008, Elon Musk’s all money was exhausted and the SpaceX project was; it has come to the point of sinking just like Tesla. Elon Musk took action to make his 4th and last shot by collecting borrowed money from right to left.
WHY HAVE THE PROJECTS RELEASED TO THE SUNKING POINT?
The most important question to be asked here is why these projects have come to the point of sinking. Why have these projects, which are at a very good point of ideas and potential, exhausted themselves? When we examine the two projects in detail, the most important reason why the projects came to the point of sinking was the fact that data analysis could not be done accurately and on time. The fact that these projects would have been successful long before, if data analysis had been done correctly before, is as clear as the day.
THE IMPORTANCE OF DATA ANALYSIS IN THE TESLA PROJECT
The most important reason for the Tesla project to go bankrupt; It is the late or incorrect entry of the data of each purchased part into the system while the vehicle is being produced, and the costs cannot be controlled and analyzed on time. This situation dismissed a few people from the creator of the project from their job, even from the project. Later, Elon Musk understood the source of the problem: Timely control of costs, analyzing part costs of the purchase and negotiating wholesale purchases and reducing costs should be the main goal. In fact, the data analysis that brought Tesla to the point of sinking is not being done accurately and on time. Elon Musk noticed this fact, but it was too late.
THE IMPORTANCE OF DATA ANALYSIS IN THE SPACEX PROJECT
Elon Musk has understood that data analysis is very important in the final stages of the Tesla and SpaceX projects he continues simultaneously and the main source of the problems is; He realized that the prices of the purchased parts while manufacturing are well analyzed and at the same time, the problems in the rockets are monitored and analyzed in a good and timely manner. In direct proportion to this, it participated in all processes and determined the prices of the purchased parts and set a budget for the parts that should be purchased or produced. An electronic motherboard purchased for $ 100,000 when purchased externally, SpaceX engineers cost $ 3,900.
WAS TESLA AND SPACEX SURVIVED THANKS TO DATA ANALYSIS?
The answer to this question is actually Yes. Although Elon Musk made the two companies from bankruptcy at the end of 2008 by collecting money from right to left; The resulting picture is the result that data analysis was not done correctly, which is the reason for all developments and troublesome processes. Elon Musk noticed this result and progressed by giving importance to data analysis in his last move. He had monitored and analyzed the production of every part of Tesla and in this way lowered the costs. In the SpaceX project, he followed the same method, making rockets 300% more affordable than his competitors and entered billions of dollars in NASA projects.
THE IMPORTANCE OF DATA ANALYSIS AS A CONCLUSION
The above two examples are very important to companies, and it is actually expenses that bring companies to the point of bankruptcy. If companies cannot analyze their expenditures correctly and make their companies efficient, an inevitable process towards bankruptcy begins. Providing a prediction from the results by collecting and analyzing all data should be the main goal of companies and institutions. VERIMAKER AI helps you with data analysis supported by artificial intelligence.
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