When Does Tesla Plan to Unveil Its Newest Prototype?
Editor's note: A previous version of this article misstated the date of Tesla's next earnings release. The Fool regrets the error.
At a recent presentation for Model S owners at his company's new service center in the German city of Munich, Elon Musk, CEO of Tesla Motors (Nasdaq: TSLA) revealed some new information relevant to both the German market and the company's global future.
More AC for the autobahn
He was announcing a soon-to-be-released free retrofit update, giving Model S owners an improved driving experience at high speed. That's a much-needed upgrade for German owners, who can reach speeds of 200km/h on the Autobahn. He also confirmed that Tesla's Supercharger network in Germany will have Europe's highest number of stations per capita by the end of 2014. The reason is simple: The faster you drive, the more you will need to recharge.
Musk stated that Tesla is increasing its focus on the German market. Germans are very protective of their big automakers, such as BMW; if Tesla manages to beat the German automakers on their own turf, it would send a strong message to the global car industry.
A peek at Tesla's future
Musk then revealed new details about the mass-market GEN III car, possibly named the Model E, on which Tesla's current market valuation heavily relies. For the first time, he announced a timeframe for a prototype: 12 to 15 months. He also reiterated that it'll have a range of at least 320km (200 miles).
Musk reassured his audience about the current anxiety surrounding Tesla's battery cell supply. He stated that Panasonic is set to increase its battery manufacturing capacity to allow Tesla to build between 1,200 and 1,500 cars a week by the end of next year. Samsung and LG are also stepping up as secondary suppliers to make sure the supply of battery cells keeps up with the demand.
Musk also gave some insight into next year's plans to ramp up of production next year. He is spending 80% of his time on the expansion of the production capacity and the development of the Model X SUV, and he sees about 200 deliveries a week in Germany in comparison to 400 a week in the US.
Tesla Motors will post its financial results for the third quarter after market close on Tuesday, Nov. 5. While you're waiting for those earnings, check out full video of Musk's talk at the Munich event:
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The article When Does Tesla Plan to Unveil Its Newest Prototype? originally appeared on Fool.com.Frédéric Lambert owns shares of Tesla Motors. The Motley Fool recommends Tesla Motors. The Motley Fool owns shares of Tesla Motors. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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