Speaking in front of shareholders at Tesla’s annual meeting in Mountain View, California, CEO Elon Musk said that he’s “highly confident” of reaching sales of 20,000 vehicles in 2013 and also generate a 25% gross margin in the near future.

Tesla Model S
Photo: Tesla Motors

Right now, the electric car manufacturer is still losing money. In fact, the $89.9 million net loss in the first quarter of 2012 is even worse than its $48.9 million loss during the same period of 2011. Musk reiterated that the 90% of the company’s projected $560 million to $600 million revenue this year will come from the new Model S sedan.

The first two units were delivered last week, with a broader-scale rollout to begin later this month. Europe and Japan will follow in about six months, and then China in 2013. Tesla expects to sell 35,000 vehicles in 2014 when the Model X crossover arrives.

The Model S starts at $57,400 in the US but can go as high as $105,400 with higher-performance battery packs.

Source: Automotive News

By Auto123.com