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Tesla Motors Inc (NASDAQ:TSLA) To Boost Production Of Model S Sedan; Sets Up New Battery Plant

Dallas, Texas 02/24/2014 (ustradevoice) – Tesla Motors Inc (NASDAQ:TSLA) reported fourth quarter results which surpassed analysts’ expectations and is now set for further growth. The company is targeting increased production of its Model S Sedan in 2014. It also has plans to set up a huge battery plant.

Increased production

On Feb 20, Tesla Motors Inc (NASDAQ:TSLA) announced its plans to boost the production of its Model S Sedan by as much as 56%. It said it is expecting sales of the vehicle to shoot up to 35,000 soon after it starts distribution in China. Last year, the sales figure for the model was 22,450. It sold 6,892 Model S cars in the quarter, a little less than the 6,900 target figure it had given in January. The company further said that output will increase to 7,400 vehicles but deliveries will be limited to only 6,400. This is on account of stretched shipping hours to overseas markets. The electric car manufacturer reported its earnings as 33 cents per share excluding some items in the quarter. The previous year, Tesla had reported a loss of 65 cents per share.
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