Elon Musk, CEO of Tesla Motors is working hard for the company to be able to sell 500,000 electric cars annually by 2020 as the market value of its shares increased substantially.
Since its initial public offering, the stock price of Tesla Motors increased 948% from $17 to its current trading price of $202.22 per share around 12:34 in the afternoon EST on Monday.
Elon Musk describes himself a nano-manager
Elon Musk said he works approximately 100 hours per week and he described himself as a nano-manager. According to him, his time in managing Tesla Motors is still the same since the company sold the first Roadster model in 2008.
He emphasized that he will continue his hands-on obsession with the tiniest operational and car-design details at Tesla Motors.
“I have OCD on product-related issues. I always see what’s… wrong. Would you want that? When I see a car or a rocket or spacecraft, I only see what’s wrong. I never see what’s right. It’s not a recipe for happiness,” said Musk as quoted by the Wall Street Journal.
GM launches competitor for Tesla Model E
Currently, Tesla Motors has $26 billion in market value, which is almost half the size of General Motor Company with more than $57 billion market cap.
GM is launching Chevrolet Bolt, a $30,000 electric car during the Detroit auto show today. The Chevrot Bolt has a driving range of 200 miles per charge and it will be available by 2017, which will challenge Tesla’s electric vehicles particularly the Model E.
Tesla Motors said its Model E has a driving range of 200 miles per charge and it will be available on 2017. Musk previously stated that the Model E “won’t look like other cars” and it is not a cut down version of the Model S or Model X. Tesla Motors plans to sell Model E at an affordable price for mass market.
During an interview with CNBC, GM CEO Marry Barra emphasized that the Chevy Bolt offers the best of technology in the electric car space. According to her, GM has great battery partners such as LG and the automaker added “a lot of technical expertise in the development of Chevrolet Bolt.
“We have always been looking at what’s next what can we do; we’ve listened to our customers, so the Bolt EV concept is really a natural flow from work that we have done. The expertise that we have in electrification and listening to our customers of what they want,” said Barra.
Musk has been criticizing the rest of the auto industry for being half-hearted in producing electric vehicles. Market observers expect Musk to criticize the big automakers for not responding more aggressively to Tesla Motors during his speech at the Detroit auto show on Tuesday, according to Wall Street Journal.