Tesla Stock (NASDAQ:TSLA)
Tesla stock was trading at $212.68 as of 11:58 AM EDT.
Elon Musk, CEO of Tesla (NASDAQ:TSLA), is undoubtedly still positive about his company’s shares after Wednesday night’s poor earnings report. Deliveries were delayed by shipping issues for the Austin-based automaker’s third quarter, which caused revenue to fall short of analyst expectations. Additionally, margins were lower than expected as a result of “raw materials, logistics, and foreign exchange,” which CFO Zachary Kirkhorn identified as the major headwinds facing the automaker in Q3.
In early trading on Thursday, shares of the most valuable automaker in the world fell more than 6%, heading in the direction of a 52-week low reached on Friday, October 14. However, CEO Elon Musk continued to be upbeat about the company’s long-term course. He expressed his regret that “market themes center around the short term” and his belief that the business would be able to continue to create value for shareholders. Musk said he sees a path for the automaker to become the most valuable company in the world, using past success as an indicator.
According to Musk, we can significantly outperform Apple’s present market cap. In fact, I believe Tesla has a chance to surpass the combined value of Apple and Saudi Aramco. With that increase, Tesla’s (NASDAQ:TSLA) market cap would exceed $4 trillion. He reiterated his belief that his company could be worth “about twice the value of Saudi Aramco” while acknowledging that the road to this price will be “extremely difficult.” This is the first time Musk has anticipated this prospect, he said on Wednesday’s earnings call.
While the call on Wednesday was welcomed with logical skepticism, Musk has previously delivered bullish predictions. For instance, he predicted that the automaker would surpass a $700 billion valuation in 2015. The corporation was only worth roughly $25 billion at the time.
The Tesla semi, fully autonomous driving, and Cybertruck have long been apparent instances of promises Elon Musk hasn’t kept. Production of the semi-truck is expected to begin in 2019. It was first unveiled in November 2017. The Cybertruck, meanwhile, had its on-stage premiere in late 2019 and stated that it would be for sale by 2021. Last but not least, Elon Musk has a lengthy history of making “totally autonomous” predictions, with his April 2019 claim that 1M robotaxis would be in use by the end of 2020 serving as possibly the finest example.
The face of Tesla (NASDAQ:TSLA), however, continued to be upbeat about several of these issues on Wednesday as he provided additional input on the matter.
We’re on Cybertruck’s last lap, Musk stated. We’re developing a Cybertruck line at Giga Texas and have made significant advancements in the architecture of the robotaxi platform. The Cybertruck’s initial production was planned to begin in mid-2023. In the meanwhile, Musk reaffirmed that Pepsi will receive Tesla Semis on December 1. Musk had a great deal of faith in the security of the FSD Beta rollout for autonomous vehicles.
He told analysts on Wednesday that the safety the team is experiencing when the car is in FSD mode is actually much higher than the safety they are seeing when it is not. This is a crucial threshold for moving to a wide Beta. Since 2016, the carmaker has offered a “full-self driving” add-on for sale, with consumers paying up to $10,000 at the time for the claimed capacity.
Elon Musk tweeted in January 2016 that “in around two years, summon should operate wherever connected by land & not obstructed by borders, e.g. you’re in LA and the car is in NY.” The Full Self-Driving (FSD) package now comes with a $15,000 price tag. The smart summon is restricted to usage only “in parking lots and driveways located on private land when the surrounding area is familiar and predictable” as of October 2022. Tesla expressly advises avoiding using it on public roadways.
Tesla Stock Falls Down As Logistical Slowdowns, FX Weigh Into Weak Revenue Report
Featured Image- Megapixl @ Chatdesbalkans
Author Jowi Kwasu 
