Tesla Motors chief Elon Musk has revealed that the company’s sales in China were ‘unexpectedly weak’ during the fourth quarter of last year.
Musk’s remarks in Detroit this week could add to investor concerns on the outlook for the company. The Tesla share price has fallen sharply in recent months as investors have become worried about the plummeting oil price and the negative impact cheaper pump prices could have on EV sales prospects.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
After hitting a high of around $290 a share in September, the Tesla share price has since fallen back to just above $200.
“We’ll fix the China issue and be in pretty good shape probably in the middle of the year,” Musk told an industry conference.
Musk also said the company’s delayed Model X crossover will be launched this summer and that a high volume Model 3 will be introduced in 2017.
Musk also told delegates that the company is aiming to be profitable by 2020 when annual sales reach 500,000 units. The company, he said, is investing in new product and retail infrastructure for the future, otherwise it could be profitable now.
In 2014 Tesla said it delivered 33,000 Model S cars.
