Elon Musk, the CEO of California based electric vehicles manufacturer, Tesla Motors Inc, has reportedly said that their new Model 3 could generate around $20 billion per year in revenue, with an annual profit of $5 billion.
The Model 3 was unveiled by Tesla on the 03/31/2016. It is the first Tesla EV which is truly aimed at the mass market, and it is relatively cheap, with a starting price tag of just $35,000 (before any government incentives have been applied.)
A page on the car maker’s site gives more details on the car, reading “Model 3 combines real world range, performance, safety and spaciousness into a premium sedan that only Tesla can build. Our most affordable car yet, Model 3 achieves 215 miles of range per charge while starting at only 35,000 USD before incentives. Model 3 is designed to attain the highest safety ratings in every category.”
Tesla’s Gigafactory in Nevada Set to Open Later This Month
Tesla Motors Inc is building a Gigafactory in Nevada, which is set to open later this month, on the 07/31/2016. The Gigafactory will produce the lithium-ion batteries required for their electric cars. The batteries store electrical energy as chemical energy.
According to an article recently published on CNBC, the new Gigafactory will have the capacity to manufacture a huge amount of the batteries. The article reads “The massive manufacturing facility, located outside Sparks, Nevada, will total around 10 million square feet when completed; about 1.9 million square feet have been finished so far. Musk said the full-sized gigafactory would ultimately be able to produce enough batteries to support up to 1.5 million cars—about three times the number of cars he originally expected the factory to support when running at full capacity.”
As the NASDAQ closed on the 26/07/2016, Tesla Motors Inc’s stock was down by 0.22%, trading at $229.51. The corporation’s market cap currently stands at $34.65 billion.