Tesla Breaks New Ground With Profit Landmark

Thu 23rd Jul 2020

Electric cars may be more affordable in the future if Tesla boss Elon Musk gets his way, the outspoken American made the promise after his company posted their first ever full year of profit.

Tesla made a net profit of £80.5m between April and June, based on total global revenues of £4.68bn, a sterling achievement in the midst of a coronavirus economic slowdown. Despite the impressive sales and seemingly never ending appetite for his cars, Musk has promised to make his cars as affordable as possible, blaming expensive nickel prices as the key reason for the current high prices. The Model 3 has a starting price of £40,490.

“The thing that bugs me most right now is that our cars are not affordable enough and we need to fix that,” Musk when discussing his company’s financial results.

“We just want to be like slightly profitable, maximise growth and make the cars as affordable as possible.

“Tesla will give you a giant contract for a long period of time if you mine nickel efficiently, in an environmentally sensitive way.”

The company is aiming to deliver half a million cars in 2020 and has confirmed that the proposed Cybertruck will be built at a site in Austin, Texas, with the headline grabbing truck expected to be on sale by the close of 2021.

 

Musk said: “I don’t think we can comment on our detailed road map beyond what’s announced because we want to reserve that for product launches. But it would be reasonable to assume that we would make a compact vehicle of some kind and probably a higher capacity vehicle of some kind. These are likely things at some point. But I do think there’s a long way to go with Model 3 and Model Y, and with Cybertruck and Semi. So long way to go with those. I think we’ll do the obvious things.”