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Elon Musk Promises 100,000 Electric Cars Per Year

Posted by Soulskill on from the go-big-or-go-home dept.

Dave Knott sends this news from the CBC: Tesla stock was up five per cent on Friday morning after CEO Elon Musk said the electric-car company would deliver 100,000 vehicles next year. Its earnings report released Thursday shows Tesla continues to operate at a loss as it spends on engineering and setting up an assembly line for its Model X SUV, which is scheduled to go into production early next year. But investors were cheered by the news that the company would deliver 100,000 vehicles next year, up from 22,000 in 2013 and a projected 35,000 this year. Tesla reported a loss of $61.9 million in its second quarter, compared with a loss of $30.5 million in the same quarter a year ago. Revenue nearly doubled to $769.3 million, missing Wall Street's forecast of $801.9 million, but expenses were also up as Tesla prepares some ambitious projects, spending $93 million in the quarter on research and development alone. While the Model X is in development, the longer-term plan is for a cheaper, mass-market car, the Model 3, to be launched in 2017. The biggest investment Tesla will make is in its large lithium-ion production plant, to be built at an as-yet-unnamed U.S. location in a $5-billion partnership with Panasonic.

3 of 122 comments (clear)

  1. Market will bubble will pop before then by Anonymous Coward · · Score: 0, Troll

    Once the bubb...err..correction takes place, then I will look forward to investing.

  2. We losing money on every sale by Anonymous Coward · · Score: 0, Troll

    But don't worry. We'll make it up in volume.

  3. so... by Charliemopps · · Score: 0, Troll

    So... not to stir up a hornets nest... but everyones aware that electric cars produce more pollution than gas right?

    If you live near a nuclear plant, ok, maybe not... but the vast majority of electricity is produced from coal. Gasoline engines are terrible... only 30% efficient or so... but coals only 40% efficient. Add to that 6% losses in AC transmission lines... then the Tesla charger is only 80% efficient in practical applications (The instructions say its 90% but that's under optimum circumstances) These things consume a lot more fossil fuels than Gasoline cars ever would.

    Sadly, unless we start building a lot more nuclear power plants, this will be terrible for the environment, especially CO2 levels.

    Granted they will solve the problem of the soccer mom that's been driving around that mini van from 1998 and has no idea what a spark plug is much less a tuneup. People like that are almost solely responsible for smog in this country.