Friday, March 31, 2023

Elon Musk reiterated his belief that Tesla “will be the most valuable company in the world” in a record quarter for the electric vehicle maker.

Elon Musk opines that Tesla will someday the most valuable company in the world announcing the new initiative during the company’s fourth quarter results presentation.

Tesla reported quarterly results that beat analyst estimates and projected vehicle deliveries of 1.8 million in 2023, with a target of 2.0 million if all goes well. Results better than expectedHelped Tesla shares soar as much as 12% on Thursday,

“Tesla has by far the most exciting product development roadmap of any company on the planet, and we will continue to do so. Over the long term, I believe Tesla will be the most valuable company on the planet,” Musk says.

Musk made similar comments in October during Tesla’s third-quarter earnings presentation, when he said Tesla would be worth more than Apple and Saudi Aramco combined at about $4 trillion. Tesla currently has Market valuation of $502 billion,

It’s a bold prediction from Musk, considering that Tesla shares plunged 65% last year amid concerns about rising interest rates, a possible recession, Musk’s acquisition of Twitter and price cuts on Tesla’s lineup of vehicles. In on the concerns of the investors.

So far this year, Tesla shares made a significant comeback30% of cases.

Elon Musk boasts of how popular he is on Twitter in Tesla results presentation

Tesla has several avenues for future growth. In the automotive sector, the company said its Cybertruck will start mass production in 2024 and will contribute significantly to its profits.

Musk has also announced this new product being developed, which could possibly be a new car model. Wall Street analysts expect a low-cost EV they’ve dubbed “model 2,

Musk says, “I should also say that we have other products in development. Obviously, we’re not going to announce them, but they’re very exciting and I think we’ll be speechless when we reveal them.” will remain.”

Other growth areas of the company are Tesla Insurance, which currently bills $300 million a year. “We’re growing 20% ​​quarterly, so the growth is faster than in our vehicle business,” explains CFO Zachary Kirkhorn.

Tesla is also growing its energy generation and storage business, which grew 90% year-on-year in the fourth quarter with $1.3 billion in revenue.

Although Tesla’s insurance and energy businesses are growing rapidly, they still only account for about 5% of the company’s total revenue, so cars should remain the main driver of Tesla’s future profits.

This is what Tesla needs to do to become the most valuable company on the planet today and beat Apple’s current market valuation by $2.2 trillion Which would equate to a Tesla stock price of approximately $698.

Nation World News Desk
Nation World News Desk
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