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