Tesla Motors Inc (TSLA) Surpasses Model S Output Goal

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Tesla Motors Inc (NASDAQ:TSLA) has surpassed its goal of producing 400 Model S sedans every week. Bloomberg’s Alan Ohnsman reports that CEO Elon Musk made the announcement today, saying that they have produced more than 400 vehicles in a week with the company’s current manpower. He said he’s confident that by late next year, Tesla Motors Inc (NASDAQ:TSLA) will be producing 800 Model S sedans per week.

Tesla Motors Inc (TSLA) Surpasses Model S Output Goal

Tesla Motors’ Model S Output

Last year Tesla Motors Inc (NASDAQ:TSLA) struggled to meet its output goal, which meant that it missed its goal of delivering 5,000 vehicles last year. It also caused the company’s fourth-quarter losses to increase because the company had to hire temporary workers and take care of problems with suppliers. Musk has said that Tesla Motors Inc (NASDAQ:TSLA) will sell 21,000 Model S sedans this year, including sales to Asia and Europe. Deliveries to those two continents are beginning in the second half of the year.

The EV automaker has not yet said when it will release its next quarterly earnings report. Consensus estimates from analysts indicate that the company is expected to post 17 cents per share in losses for the second quarter.

Tesla’s Expansion

Currently Tesla Motors Inc (NASDAQ:TSLA) has just one auto plant, which is 5 million square feet in size and located in California. The facility originally opened in the 1960s, and vehicles for General Motors Company (NYSE:GM)’s predecessor were built there. Then it was a joint venture plant for General Motors Company (NYSE:GM) and Toyota Motor Corporation (NYSE:TM) (TYO:7203). In 2010, Tesla purchased the factory after it closed in 2009.

Musk said at some point, Tesla Motors Inc (NASDAQ:TSLA)’s California plant will again be churning out 500,000 vehicles yearly, although he did not elaborate on the plans. He also said they would be offering “every kind of car you could possibly imagine.”

The Model X crossover vehicle will go into production late next year, and the next vehicle will be the Generation III mass market vehicle, which is expected to be smaller than the Model S.

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