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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Autos & Transportation

Autos & Transportation

Musk not so confident about 1 million Tesla’s by 2020

Featured image via Pexels/Michael Sprehe

Tesla troubles

On Wednesday, Tesla CEO Elon Musk reported that the company may not meet its goal of one million Tesla vehicles by 2020.

Musk explained in a conference call, “I think so, yeah. If it’s not a million, it’s going to be pretty close. I’d say if it’s not a million it’d probably be 750,000 or something like that in 2020. So, we’re aiming for a million, 2020, but somewhere between half million and a million seems pretty likely.”

This isn’t the first time the company would reel in previous targets. Back in 2016, Musk announced that the company would make 500 thousand Tesla’s in 2018, but so far this year, the company has made less than 90 thousand. If he wants to meet this goal, he will need to make drastic changes. In fact, the company will need to manufacture over 15,000 vehicles per for week for the remainder of the year to make that target.

Although the company beat revenue expectations in Q2 with $4 billion, it experienced a $3.06 loss per share and is still not profitable. The company defends itself, saying, “Going forward, we believe Tesla can achieve sustained quarterly profits, absent a severe force majeure or economic downturn, while continuing to grow at a rapid pace.”

Tesla may be confident, but it will need to be back that up with results if it hopes to gain investor approval.


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