Tesla optimistic about electric luxury car sales

Tech News

CEO of Tesla Motors Elon Musk promised investors of the company that he is expecting profits to increase this year due to the sales of its newly promoted electric luxury car.

The shares of the company have been hard hit this year by investors worried that growth is slowing in both digital technology and automotive industries.

Musk said Tesla would make its first net profit in the fourth quarter. It plans to invest $1.5 billion in adding capacity, starting production at a huge battery factory in Nevada and open more showrooms.

Tesla said it planned to deliver 80,000-90,000 Model S and Model X vehicles in 2016, ahead of Wall Street's average expectation for about 79,000 vehicles, according to research firm FactSet StreetAccount.


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