V pioneer Tesla Motors announced its fourth quarter and 2013 results after market close today. Most recently, share price is up 14 percent after hours to $220. The shareholder letter is here.
Tesla Motors (TSLA) beat analyst profit estimates but fell short of revenue forecasts.
Musk in the shareholder letter:
Very shortly, we will be ready to share more information about the Tesla Giga factory. This will allow us to achieve a major reduction in the cost of our battery packs and accelerate the pace of battery innovation. Working in partnership with our suppliers, we plan to integrate precursor material, cell, module and pack production into one facility. With this facility, we feel highly confident of being able to create a compelling and affordable electric car in approximately three years. This will also allow us to address the solar power industry’s need for a massive volume of stationary batterypacks.
Source: Greentech Media. Reproduced with permission.
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