According to Musk, the company’s founder and CEO, over the long term, Tesla is looking to build car new car factories in locations across the U.S., Asia and Europe. He did not, however, offer a timetable for the expansion. Currently, Tesla vehicles are produced at its Fremont, Calif., plant, Bloomberg notes.
The producer of high-end electric cars expects to double its vehicle production volume next year, manufacturing at least 42,000 Model S cars. That growth, coupled with the launch of a smaller, less expensive electric vehicle, will force the company to expand its production facilities.
Musk has previously noted that expanding production in California would be difficult, given the high cost of operating in the state. Tesla also has a small component production facility in the Netherlands. He has predicted that Tesla will have a mass-market electric car available within five years.
Tesla recently repaid more than $465 million in Energy Department loans, years ahead of schedule.
The company posted its first quarterly profit earlier this year on rising sales of the Model S, which is priced around $70,000.
Shares of Tesla rose about 1% in Thursday morning trading.