Tesla Motors Inc (NASDAQ:TSLA) shares have risen steadily over the last couple of days after the automaker released better-than-expected delivery data for the fourth quarter. Management also gave updates on their mass market electric vehicle and also, as one Tesla executive put it initially, “reckless growth,” although later he said he meant “relentless growth,” according to Reuters and CNN Money.
Tesla stock even helped give the NASDAQ a boost this morning, pushing it up to a new 13-year high.
Tesla plans rapid expansion
Jerome Guillen, vice president of global sales and service at Tesla Motors Inc (NASDAQ:TSLA), said they expect this year to be strong. The automaker beat its fourth quarter delivery guidance of “slightly under 6,000 cars,” delivering 6,900 Model S sedans during the quarter. Although Guillen did not give delivery guidance for the current quarter, he did say they’re planning to double their sales and the number of service locations they have. Currently they have nearly 150 of them.
He also said they’re “feverishly” working on their Model X crossover, which they said would launch in the second half of this year. At this point though, they did not have one to show off just yet. Unlike other automakers which do show off vehicles under development at the Detroit Auto Show—which happens to be this week—Tesla is bucking the trend and keeping its Model X under wraps until all the finishing touches are complete.
Gen III vehicle moves ahead
Tesla Motors Inc (NASDAQ:TSLA) also said they’re continuing work on their so-called Generation III vehicle, which is said to be aimed at the mass market and sell for about half of the Model S, which starts at about $70,000. CEO Elon Musk said this week that the vehicle is about three years away. According to Guillen, the development of the Model X and the Generation III vehicle is enough for them to work on right now, so they are not yet working on a full-size pickup truck, as Musk has said he would like to build.
Guillen also said that within days, their Supercharger network will be complete enough to make it possible for drivers to cross the U.S. in a Model S. They’ve been adding about one Supercharger station every day. In fact, two were scheduled to be finished in Ohio on Tuesday.