1/14/2015

Tesla Predicts a Profit by 2020

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Tesla Motors Inc. CEO Elon Musk says the California-based electric-carmaker will turn a profit when it can sell 500,000 EVs per year.

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Tesla Motors Inc. CEO Elon Musk says the California-based electric-carmaker will turn a profit when it can sell 500,000 EVs per year.

That moment will come in 2020, when Tesla is building its $35,000 Model 3 in high volume, he tells attendees at the Automotive News World Congress in Detroit.

The company also plans to add the Model X a pricey crossover vehicle that will ride on the same platform used by the company's $75,000 Model S sedan in the second half of this year. The X had been expected late last year but was delayed by technical problems with its upward-opening doors.

Musk says Tesla would be profitable now if it wasn't spending so much money on product development and its $5 billion battery factory in Nevada. He predicts the company will be making at least a few million EVs annually by 2025.