Musk addresses investor fears on price cuts, and launch delays, and growing competition, saying Tesla will likely achieve full self driving this year.
Elon Musk is counting on full-self driving and other new technologies and vehicles at Tesla Inc. to provide the “wow factor” that will continue to drive the electric carmaker’s value far beyond its automotive rivals.
Tesla’s stock, which dropped 9.75% to $162.99 on Thursday, is valued at about 43 times expected earnings, down from astronomical levels above 200 times in 2021, according to Refinitiv data. Even after that drop, the company’s valuation remains several times higher than the multiples of legacy carmakers, with Ford Motor Co. trading at about 8 times expected earnings and General Motors Co. trading at under 6.
Musk brushed aside those fears on Wednesday, saying the company this year would likely achieve full self driving and that would be a big profit generator. Musk has missed his previous targets to achieve self-driving capability, dating back years. “It’s not clear to me how that timetable in any way is consistent with the evidence we have seen,” he added, describing the current version of FSD as “highly imperfect.”
Evangelos Simoudis, a technology adviser, author and investor, believes Tesla may have “an even bigger opportunity” in energy generation and storage with its solar panels and Powerwall battery systems.
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