By comparison, General Motors’ $48 billion market value is equivalent to about $4,800 for every vehicle it sold past year.
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Baird Equity Research analyst Ben Kallo wrote the company is still working through some production and quality issues with the Model X SUV, but he believes the company has improved its quality control.
The new target would boost production to a faster growth rate than Ford Motor Co. managed to achieve in the early 1900s.
But it’s clear that the Model 3 has significantly altered Tesla’s planning for the future. Management said additional capital raises are likely and it will come from both equity and debt.
The call was primarily to announce Tesla’s Q1 results, with the firm reporting a $283 million loss during the start of the year.
But massive pre-orders for the Model 3 vehicle that was unveiled in March – some 400,000 – have compelled Tesla to change that plan.
On Wednesday, Tesla Motors reported a bigger first-quarter loss compared to its loss a year ago.
Tesla said last month it delivered 14,820 vehicles in the quarter – 12,420 Model S sedans and 2,400 Model X SUVs.
Revenue rose to $1.15 billion (1 billion euros) from $939.9 million. Ahead of the opening bell on Thursday, shares of Tesla stock were only trading up about three percent.
Early yesterday, before announcing its financial results, Tesla said two top manufacturing executives were leaving the company.
The vast majority of Model 3 reservation holders – 93 percent to be specific – are interacting with the company for the first time, Musk said.
Musk said he has moved his desk to the end of the production line in Tesla’s facility in Fremont, California to be able to oversee the manufacturing process.
Shareholders can now be put to rest for now due to massive pre-orders for the Model 3 vehicle that was unveiled in March.
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Musk also said he plans to start producing more vehicle components in-house – another reason he’s investing more money in Tesla’s manufacturing capabilities. Analysts polled by FactSet expected a far smaller loss of 87 cents per share. Analysts estimated the company would lose 58 cents per share on unadjusted earnings, or 86 cents per share on adjusted earnings, which include some one-time charges. The company also reported lower than expected losses, reflecting what it said was a focus on cost cutting.
