Elon Musk: Tesla Model 3 Could Generate $20 Billion In Annual Revenue
During the press events ahead of the official Gigafactory grand opening celebration, Tesla CEO Elon Musk told reports that the Model 3 could generate upwards of $20 billion in annual revenue with a gross profit of approximately $5 billion.
Additionally, Musk stated the following:
“Things are on track to be able to meet the Model 3 cell production timing in the middle of next year.”
This comment leads us to believe that the Model 3 is on track for its late 2017 launch.
According to Musk, work has been non stop at the Gigafactory, which eventually will be able to pump out enough battery cells for up to 1.5 million car annually, or 3 times the amount he had previously stated.
As for completion, the Gigafactory size currently stands at 1.9 million square feet. Its completed size will be close to 10 million square feet.
Musk commented on Tesla’s Powerwall and Powerpack side of the business as well:
“The growth in stationary storage is really under-appreciated. That is a super-exponential growth rate.”
Musk concluded by stating that eventually Tesla will likely have a gigafactory on every continent where Teslas are sold. So that would be up to 6 (or 5) depending on which list of continents you choose to follow.