Tesla’s shares increased more today, June 26th, after CEO Elon Musk made a new announcement.
Tesla’s CEO Elon Musk said that the automaker plans to sell 200,000 vehicles annually in the following 3-4 years and it aims at shipments of 20,000 vehicles by the end of his year. Musk said that the company is moving towards its “third growth phase,” aimed at significant drops in sales prices and a boost in overall shipments. After this announcement, Tesla increased 1.3% as of this morning, June 26th.
Earlier this month, Musk criticized the way cars are sold in the US and said that this would hamper the automaker’s 10-year-old growth prospects in the region. Therefore, Tesla will sell its Model S electric sedan directly to its buyers instead of relying on the network of independent dealers in the US.
“The auto dealers association is definitely creating some problems for us, making it harder to get things done,” Musk said during Tesla’s annual meeting on Tuesday, June 4th.
With so many accomplishments from the beginning of the year Tesla’s shares have rocketed, making the automaker become the most expensive car maker in the world. Tesla trades for 816 times more than the estimated 2013 earnings, being valued at around $5 billion.