Elon Musk, the chief executive officer of electric-car maker Tesla Motors Inc., said the company might become profitable by 2020 when annual sales reach 500,000 and added that business slowed in China on charging concerns.
Tesla shares tumbled 7.7 percent to $188.50 at 7:17 a.m. New York time, before the start of regular trading. The shares gained 48 percent last year before sliding 8.2 percent this year through yesterday’s close. During his first-ever appearance at the Automotive News World Congress, Musk reiterated the comment about China that he made a day earlier to Bloomberg News.
