Elon Musk Promises 100,000 Electric Cars Per Year

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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. Read more of this story at Slashdot.

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Elon Musk Promises 100,000 Electric Cars Per Year

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