Tesla Inc (NASDAQ:TSLA) has reported impressive revenues of $7.38 billion in Q4 2019. Its shares posted impressive gains of 11% on Wednesday after beating the Wall-Street expectations. The company posted profits in two consecutive quarters in 2019. Tesla will focus on improving the capacity of batteries production in cost-effectively. Its stock trades at $580.99 at the end of January 30, 2020.
Elon Musk promises feature-rich self-driving technology
Chief Executive Officer of Tesla, Elon Musk, said the company will not any raise capital. It will spend the cash sensibly. Musk will focus on fulfilling his promise of offering feature-rich self-driving technology. He also plans to unveil all-electric semi-truck, Cyber truck, and plaid power train soon.
Plans to commence vehicle production in Berlin
Tesla plans to construct and commence the production of electric vehicles near Berlin by the end of next year. The company is also constructing a factory in Shanghai in China. It also supplies chains in that nation.
When asked by Gene Munster of Loup Ventures, about the manufacturing cost of cybertrucks and the number of trucks it plans to produce, Musk said he will not answer now on detailed numbers. He further said it sees excellent demand for Cybertrucks and can meet that market in a span of three to four years. The company will economically produce batteries to meet the growing demand for its Tesla semi-electric vehicles.
Tesla has not so far expedited the production of semi-electric vehicles because of the lack of sufficient batteries. The company will schedule its battery day presentation in April 2020. Musk has not divulged details of capital spending for 2020. He said the company is putting in efforts to produce affordable cars quickly.
Delivers 19,475 Model S/ X vehicles
Tesla has delivered 19,475 S/ X model vehicles in Q4 2019. It also supplied 92,620 Model 3 vehicles in the same quarter last year. The company has improved the production capacity of Model Y in January 2020. Tesla’s combined installed capacity of Model Y and X is 400,000. The company will add additional machinery gradually for the ramp-up of Model Y. After expansion, Tesla will have a combined annual production capacity of 500,000 by mid-2020.