Tesla (IW 500/384) reported fourth-quarter numbers, coming in well below estimates for both earnings and revenue.
The company said it made $1.1 billion, equaling a loss of 13 cents a share. Optimistic analysts had predicted earnings of $1.23 billion, or 31 cents a share.
Tesla CEO Elon Musk told shareholders, the company powered through Q4, producing 11,142 of its Model S cars to hit the 2014 goal of 35,000. However, the delivery goal was not met with only 9,834 vehicles going to buyers. He said there are another 1400 vehicles that couldn’t be delivered for many reasons, including delays brought on by the West Coast port worker slowdown.
Despite the 2014 shortfalls, Musk remains positive for 2015. The company will debut a new vehicle later in the year, the Model X Crossover, and says it expects to sell 55,000 Model X and Model S vehicles for the year. It also said it would be raising prices in foreign markets.
Musk told investors he’s looking to return to positive cash flow in 2015, and for now, doesn’t see the need to raise additional funds. And he made a bold prediction, saying the company could match Apple’s current market value of $700 billion by 2025.
