Tesla Motors Inc (NASDAQ:TSLA) had its shares rise to around 16% against earlier expectations by the company and financial analysts. With the market looking more promising, the company is targeting the production of 100,000 units annually.
However, many analysts have been bullish about that projection, with James Albertine of Stifel Nicolaus mocking the stock’s market success saying that the electric motor manufacturer already had a head-start due to lack of any foreseeable competitor.
Bloomerg said in an article earlier in the year that Tesla Motors Inc (NASDAQ:TSLA) sold out 6,900 of Model S sedan within the fourth quarter of 2013, which was nearly 20% above the company’s earlier projections. That boosted the company’s optimism to focus on the production of more units yearly.
MarketWatch has reported that Albertine’s $400 price target on Tesla’s stock is the highest compared with those of 16 other market analysts. His projection is 48% above $269.70, registered last Friday. After visiting the company and carrying out comparative research, Albertine said he believes that the EV maker can pull 1000 units deliveries per week by the end of the year.
Reuters also reported that Tesla Motors Inc (NASDAQ:TSLA) expects relentless growth this year with the company aiming to double its global sales. Jerome Guillen, the company’s Vice President of global sales and service, said at a Detroit motor show that besides the company expecting to double its global sales, they are looking forward to expanding their service locations as well.
“We look forward to 2014 with anticipation,” Guillen told a news conference. “On the sales and service side, of which I’m responsible, it’s reckless growth.” He later corrected the statement, saying that he mean to say “relentless growth.”
America’s Markets has said in an article that Elon Musk, the Chief Executive Officer of Tesla Motors Inc (NASDAQ:TSLA) has reported that the company will be making 35,000 units of the Model S car for the remaining part of the year due to expected high sales. In line with that objective, the company’s production unit took a break to prepare for higher production.
Many investors are looking forward to better reports on the Model S sales and the highly anticipated Model X, which is yet to be released to the market. Reports however indicate that Model X might only begin selling in 2015.
Many investors are looking forward to better reports on the Model S sales and the highly anticipated Model X, which is yet to be released to the market. Reports indicate that Model X might only begin selling in 2015.
This article has been written by Victor Ochieng.