Elon Musk Envisions Tesla’s Robot Revolution: ‘The Car is Just the Beginning’
Tesla CEO Elon Musk had some bold proclamations to share with Wall Street analysts and investors during the company’s recent fourth-quarter earnings call. When talking about the company’s future, Musk said they have a product he believes will become the world’s most valuable in the coming years. But it’s not a car.
The Most Valuable Product, According to Musk
According to a report from Autoweek, Musk claimed that Tesla is the world’s leading producer of robots and said, “The car is just a four-wheeled robot,” coupled with the company’s Optimus robot project, he believes “it has the potential to be the most valuable product of any kind. Ever. By far.”
If Musk is correct, then Tesla could go beyond being the world’s most valuable carmaker to become the world’s most valuable company.
Tesla’s Value As A Company
Even though Tesla’s stock plummeted 12 percent after its fourth-quarter earnings release, the company still made history in 2023 because its Model Y sold around 1.2 million units, making it the first electric vehicle (EV) to earn the honor of being the world’s best-selling vehicle. The second best-selling car of the year was the Toyota RAV4, with 1.07 million units sold last year. Toyota’s Corolla took third place with 1.01 million units sold in 2023.
Upon announcing this monumental sales victory, Tesla’s investor deck said, “For a long time, many doubted the viability of EVs. Today, the best-selling vehicle is an EV.” While the company’s earnings report showed a 15 percent drop in gross profits for 2023, its total revenues for the year showed a 19 percent increase, coming in at $96.77 billion. According to Autoweek’s report, Tesla’s market cap was $660.7 billion at the time of the company’s earnings call.
Speaking of stocks, Musk also addressed reports that he’s looking for his stock to remain at 13 percent while his control over the company grows to 25 percent. Musk brought up the idea of dual-class stocks, which assign more votes per share, and is an example of how the Ford family still holds control of the Ford Motor Company. While they hold less than 50 percent of the company’s stock, their Class B shares grant them the necessary votes to stay on top.
Musk wants to use dual-class stocks to maintain control of Tesla as the company becomes one of the world’s robotics and artificial intelligence leaders. Otherwise, he fears getting voted out and losing influence, stating, “If we had a dual-class stock, that would be ideal. I’m not interested in economics.” The ladder is an odd statement from the wealthiest person in the world.
Tesla’s Automotive Plans
Musk also spoke about the plan to move Tesla’s next-generation EV platform to their Texas Gigafactory in the latter half of 2025 so that the company’s Austin, Texas-based engineers can “live on the line.” Musk also said he expects Tesla’s next-generation production technology to be “heads and shoulders above any manufacturing technology in the world.”
We reported last week that Tesla has significant expectations for their upcoming compact crossover EV, currently going by the code-name project “Redwood,” that they believe will sell over 40 million units in its lifetime. Tesla will begin “Redwood” production in mid-2025.
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