Tesla’s Musk Says Company Might Launch Hatchback in Europe

Emilee Geist

Electric-car maker Tesla  (TSLA) – Get Report might explore a new hatchback model in Europe, Chief Executive Elon Musk said on Tuesday, according to multiple media reports.

“Possibly in Europe it would make sense to do, I guess, a compact car, perhaps a hatchback or something like that,” Musk told a European online conference on batteries hosted by the German government, as reported by Reuters.

“In the U.S., the cars tend to be bigger for personal-taste reasons,” he said. “In Europe, (they) tend to be smaller.”

Shares of the Palo Alto, Calif., company at last check were down 1.8% to $545.50.

On Tuesday shares of Tesla reached a market valuation of $500 billion for the first time.

Tesla’s share price has surged in the recent past, driven by its approaching inclusion in the S&P 500 index. Tesla will join the index on Dec. 21. 

Musk has been one of the biggest beneficiaries of the stock’s rise. Musk’s net worth jumped $7.2 billion on Monday, giving him an estimated worth of $127.9 billion.

In October, Tesla reported Q3 revenue of $8.77 billion (up 39% annually) and non-GAAP earnings of 76 cents a share. Those numbers beat the FactSet consensus estimates of $8.28 billion and 56 cents.

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