Tesla's upcoming Model 3 car could generate $20 billion in revenue per year and an annual gross profit of about $5 billion, Chief Executive Elon Musk said.
"Things are on track to be able to meet the Model 3 cell production timing in the middle of next year," Musk told reporters at a press conference on Tuesday at Tesla's "gigafactory" facility in the Nevada desert.
Musk said that the company's stationary battery packs, named the Powerwall and Powerpack and designed to store power for homes and commercial buildings respectively, would be "as big as the car business, long-term."
"The growth in stationary storage is really under-appreciated," he said. "That is a super-exponential growth rate."
The massive manufacturing facility, located outside Sparks, Nevada, will total around 10 million square feet when completed; about 1.9 million square feet have been finished so far.
Musk said the full-sized gigafactory would ultimately be able to produce enough batteries to support up to 1.5 million cars—about three times the number of cars he originally expected the factory to support when running at full capacity.