Tesla Motors Inc Chief Executive Elon Musk on Wednesday expressed hope in matching up with the growth trajectory of tech giant Apple Inc by taking his electric car company’s market capitalization to USD 700 billion by 2025.
The company’s revenue could grow to USD 6 billion in 2015 from previous year’s USD 3.2 billion, Musk told the market analysts.
His market-cap prediction for the year 2025 assumes the annual revenue growth of 50 percent and a price-to-equity ratio for 20 stocks.
According to Musk, USD 35,000 Model 3 by Tesla should be in the production stage by the second half of 2017.
In a bid to keep the schedule of production on track, Musk said that the car’s design will not match the “adventure” standards of the gull-winged Model X crossover.
Meanwhile, the sales targets were missed by the California-based luxury electric carmaker, leading to a loss of USD 107.6 million in the fourth-quarter as the company was forced to struggle hard with the issues related to production and delivery on several fronts.
Consequently, the investors sent the company’s shares down approximately three percent in after-hours trade.
On Wednesday, Tesla reported a loss of 86 cents a share, compared with a loss of USD 16.3 million or 13 cents a share a year-ago. On the other hand, the revenue climbed to USD 956.7 million in the quarter, from previous year’s USD 615.2 million.
The company delivered 9,834 vehicles during the quarter. In July 2014, Musk had said that the firm would be delivering 13,000 of its Model S sedans.