Tesla sees 20,000 sales in 2013
Musk, addressing shareholders at Tesla's annual meeting at the Computer History Museum in Mountain View, Calif., predicted the company would generate a 25 percent gross margin, with an operating margin in the low to mid teens, in the near future.
Tesla reported a first-quarter net loss of $89.9 million, worse than its $48.9 million loss last year, as the cost of bringing the Model S sedan to production mounted. First-quarter revenue fell to $30.2 million, from $49 million last year, reflecting the end of Roadster sales in North America.
Musk has described 2012 as a "year of two halves," with the Model S launch as the dividing line. Ninety percent of the company's revenue this year will come from the sedan. Tesla expects full-year revenue between $560 million and $600 million.
The automaker delivered the first two Model S sedans last week, and broader-scale deliveries will begin this month.
Pricing for the Model S starts at $57,400 and can go as high as $105,400 with longer-range and higher-performance battery packs. The vehicles are eligible for a $7,500 federal tax credit.
A 45-day nationwide road show starts June, Musk said.
Tesla will start selling the Model S in Europe and Japan in six months, and in China in 2013. Production of right-hand-drive models will begin in mid-2013.
Musk said Tesla is targeting sales of 35,000 in 2014, when the Model X crossover us scheduled to arrive.