• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 29 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 9 days Does Toyota Know Something That We Don’t?
  • 3 days America should go after China but it should be done in a wise way.
  • 9 days World could get rid of Putin and Russia but nobody is bold enough
  • 11 days China is using Chinese Names of Cities on their Border with Russia.
  • 6 hours Even Shell Agrees with Climate Change!
  • 11 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 1 day Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 12 days Putin and Xi Bet on the Global South
  • 12 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 12 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
Warren Buffett Regrets Owning Electric Utilities

Warren Buffett Regrets Owning Electric Utilities

Buffett recognizes that the US…

Green Chemistry Breakthrough: Researchers Create Ethylene from CO2

Green Chemistry Breakthrough: Researchers Create Ethylene from CO2

University of Cincinnati engineers have…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

Tesla Shares Spike on Lower Costs

Shares in Tesla Motors Inc. jumped 12.3% to $217.44 in trading on Wednesday, after the electric car maker posted impressive fourth-quarter results and predicted double sales this year.

Fourth-quarter results for Tesla came in better than expected, and the company said it expected to deliver more than 35,000 Model S sedans in 2014, which represents a 55% increase over last year.

Tesla posted a loss of $16.3 million, or 13 cents per share, during the fourth quarter, but this is far better than the previous year, in which the company reported a loss of $89.9 million, or 79 cents per share.

The better fourth quarter results were possible due to lower costs.  

Led by billionaire entrepreneur Elon Musk, Tesla also saw its stocks shoot up on Tuesday to an all-time high when Musk met with Apple Inc’s head of mergers and acquisitions in 2013.

Related Article: Tesla Completes Coast-to-Coast Section of Free Supercharger Network

The market is also looking closely at Tesla’s plans to build a lithium-ion battery plant because in the past there have been problems with demand outstripping supply, and this has been a key investor focus. The new plant could cut battery costs and allow for the creation of a more affordable electric car in 2017.

For now, Tesla’s sales are based on a single vehicle—the Model S sedan—which starts at $70,000 and run 300 miles on a battery charge.

Musk told analysts on Wednesday that Tesla was building a new final assembly line that could lead to an increase in production from 600 vehicles per week to 1,000 per week. The new final assembly line is slated to come on line during the fourth quarter of this year.

“We’ll be able to ramp our production rate quite a bit with a very small increase in hiring,” Musk said. “Our labor efficiency essentially is likely to improve a lot over the course of this year.”

ADVERTISEMENT

By Charles Kennedy of Oilprice.com


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News