Elon Musk is known for his ambitious projects and visions, but even he has raised a few eyebrows this week with remarks suggesting that Tesla Motors can become as big as Apple.
As the company delivered unspectacular fourth quarter results, the Tesla CEO set out an ambition to grow the company’s sales 50% a year and deliver a market capitalisation of USD700bn over the next decade. That vast sum is the current valuation of the world’s most valuable company, Apple.
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Tesla Motors posted a USD$108m loss in its fiscal fourth quarter, which Musk said was due to one-off production problems, currency effects and some lower than expected deliveries.
However, Musk told investors on the company’s earnings conference call earlier this week that Tesla could be worth USD700 billion by 2025. Tesla shares are currently trading more than 30% below their all-time high.
Investors and analysts have cited concerns over the price of oil and the impoact that has on EVs generally, as well as production delays and signs of increased competition in the electric vehicle sector. This week, GM confirmed that it will make a new EV based on the 200-mile range Bolt concept showed at Detroit.
COMMENT: Why is Tesla’s share price falling?
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By GlobalData
