Bankruptcy is a semantic thing. Tesla is spending way more money than it’s making, yes. The company has had profits occasionally, but usually only just barely or on the back of debt from the following quarter. Tesla’s money is based almost entirely on investments from investors and their publicly traded stocks. But Tesla is a startup, not an established business.
As a carmaker, Tesla has nearly always overpromised and under delivered. Especially with production schedules and delivery estimates. Tesla fans and investors don’t seem to mind much, as the company’s reputation is closely intertwined with its CEO Elon Musk and Musk has a very strong personality as the company’s front man. As a Silicon Valley-style startup, Tesla is not expected to conform to reality in terms of promises versus delivery as hype is generally the name of the game. Musk has a habit of issuing overly aggressive goals and then shrugging off failures to meet those goals. The announcement of the goal usually brings more investment with little consequence when the timelines are missed.
As of now, Tesla is more or less on task with its production goals, though they are behind on the timing for doing so. They have an enormous backlog of production to catch up on, but at their current rate the company should be current on backorders by the second quarter of next year.