Brains behind Tesla Motors admits company is over valued
Elon Musk, the social entrepreneur and businessman who founded PayPal and is the force behind car company Tesla Motors has admitted the electric sports car manufacturer is “over valued”.
Speaking at the opening of a new Tesla store at the Westfield shopping centre in west London, Musk said the company had “quite a big value” but that it was “higher than we could expect to deserve.”
This comes after shares in the Silicon Valley firm fell 10 per cent in value in the last three days amid news in the US that the National Highway Traffic Safety Administration may investigate a recent Model S fire. Merrill Lynch also recently released a dour research note on the firm.
In America, Tesla dominates the luxury electric car market where it has sold 14,000 models of its Model S vehicle in the last 12 months. Speaking to customers and guests at Westfield, Musk revealed the model is expected to arrive the UK from March and will to cost “somewhere in the region of £55,000”.
Musk, 42, also promised a nationwide network of Tesla charging stations covering the whole of the UK by the end of 2014, adding that Tesla customers would get free access to this network and be able to make use of it to travel “anywhere at all” in the UK.
In response to questions from the audience he also confirmed that the company expected to bring an “affordable long-range electric car” to market within three years, and that it would cost around £30,000. He said: “The more money we make on Model S the more [Tesla] put [s] towards a longer range car in the future.”
In a stilted exchange with British Model S buyers and electric car early adopters Musk, who is said to have inspired the character of the charismatic genius Tony Stark in the Iron Man films, also promised to create a forum for customer feedback.
Musk co-founded Telsa Motors in 2003. The company, based in Palo Alto in California's Silicon Valley, was listed on Nasdaq in 2010.
The Model S is expected to be available in the UK from March 2014
- 1 What happens to your body when you give up sugar?
- 2 Licence fee: What is the BBC charge – and how will the changes affect you?
- 3 This is what the photographer has to say about the picture of a weasel riding a woodpecker
- 4 Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
- 5 Have sex with your iPad thanks to the new sex toy no-one asked for
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Durham Free School: 'Creationism taught at' free school facing closure
Ukip would cut billions from Scottish budget to fund English tax cuts
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
iJobs Money & Business
£15000 - £18000 per annum: Recruitment Genius: This is a great opportunity for...
£50000 - £60000 per annum + Excellent Salary: Austen Lloyd: An outstanding new...
£20000 - £21000 per annum + uncapped commission: SThree: As a graduate you are...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...