Tesla does not expect profit until 2020

Tesla does not expect profit until 2020

Elon Musk, Tesla's CEO, has said he expects his company to start turning a profit by 2020. By then, the American electric car manufacturer should have Model 3 in full production.

SUV for this summer

He divulged the news during the Automotive News World Congress in Detroit and added that several million electric cars should be produced on an annual basis by 2025. Just to put that number in perspective: only 40,000 electric cars were built last year.

 

Musk has also said that Chinese sales were lower than expected, which he feels is because of a lack of charging stations in China's largest cities. That still pushes people towards conventional cars.

 

Tesla aims to launch its Model X this summer, which is an America-focused SUV model. Model 3 should be in full production by 2017 and this particular model, which will be cheaper, should help boost sales exponentially. The company is also considering its options to collaborate with dealerships, as it currently only sells directly to the customer.

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