Tesla to Add Factories in Europe, Asia

Tesla to Add Factories in Europe, Asia

Tesla intends to add factories in Europe and Asia, according to CEO Elon Musk, as the American electric automaker gears up for a mass-market, affordable EV.

This year, the company plans to manufacture at least 21,000 units of its Model S sedan and plans to double that figure for 2014. Though the factory has a capacity to produce as many as 500,000 vehicles a year, Tesla wants to build additional plants in order to satisfy production on a lower priced, mass market electric vehicle.

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Though it won’t be in the near future, Tesla plans to add factories in Europe and Asia in order to cut back on exporting costs while making it easier to sell vehicles in different areas of the world. The mass-market vehicle is still a few years away, but CEO Elon Musk is never one to sit idle. Musk prefers if the mass market EV was on sale in about three to four years.

Tesla’s next vehicle however, is the Model X, an electric SUV that will go into production in California late next year.

[Source: Bloomberg]

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