On Wednesday, October 19, U.S. stock After the market opened, Tesla released its third-quarter results and then held an investor conference call.
In addition to explaining the third quarter performance at the financial report performance call, the company's executives also made predictions for the fourth quarter and full-year performance, and responded to the market's concerns about fully autonomous driving, Musk's acquisition of Twitter and other issues.
Musk said:
Everyone believes that our market value can far exceed Apple , and I think it will even exceed the sum of Apple and Saudi Aramco!
On the call, Tesla executives said the company could buy back $5-10 billion in stock.
will set a record delivery in the fourth quarter, and the next-generation vehicle platform is being developed. Regarding the delivery in the third quarter, Tesla CFO Kirkhorn said in a call that one-third of the delivery volume in the third quarter is concentrated in the past two weeks, and the annual delivery growth rate this year is expected to be less than 50%.
Regarding the hinderment of new car delivery in the third quarter, Musk said that the main reason is:
does not have enough ships, not enough trains, not enough trucks.
Tesla CEO Musk said it seems we will have an epic end of year, with car delivery expected to set a record in the fourth quarter, and the company expects vehicle demand in the fourth quarter to be "quite good". In addition, Tesla is working on cheap next-generation vehicle platforms.
Musk said:
We will drive on rainy or sunny days. We will not cut production significantly regardless of whether there is an economic recession or not. When will
surpass Apple?
At the financial report meeting, Musk said that Tesla has a very clear route to surpass Apple (market value and value). Musk said: "Everyone believes that our market value can far exceed Apple, and I think it will even exceed the sum of Apple and Saudi Aramco."
As of press time, Apple's total market value was US$2.31 trillion, Saudi Aramco's total market value was US$2.09 trillion - combined with US$4.4 trillion, while Tesla's market value was US$695.7 billion.
This means that Musk believes that Tesla's market value can quadruple, or grow to more than the UK's GDP market value for one year. And in what aspects will these market value grow?
1.FSD
Musk emphasized that Tesla can always achieve fully autonomous driving 100%, "We only need to show the regulatory authorities what we can do." He even believes that "the FSD can now provide the ability to 'leave your hands' autonomous driving."
When asked about the timeline of fully autonomous driving (FSD), Musk reiterated that the goal is to release FSD software to paying users by the end of 2022:
We expect to release FSD on a large scale in the fourth quarter.
2. Battery
Regarding the raw materials of the battery, at the call, Musk confirmed that Tesla is building a lithium smelter in Texas, USA. Musk and other executives agree that most commodity is falling, but freight is surprisingly expensive, while battery-grade lithium prices are not falling.
Tesla said that without any incentive policy, Tesla's battery cost may reach US$70/kWh.
When asked whether Tesla would consider vertically integrating into the mining market, Musk said:
, regardless of any "restrictive factors", we will pay attention to it. If we have to obtain the raw materials for electric car through mining, then we will go to mining.
In addition, Kirkhorn said when talking about the German energy crisis:
We believe that the impact of the German energy crisis on our company will not be so serious.
3.New car
Musk did not disclose the naming of the new car and any technical details at the financial report meeting, but he said that he believed that the final sales of the new car will exceed the total of all Tesla models at present.
At the same time, the cost will drop significantly. Musk said:
"The cost of the next generation of models is expected to be half of the Model 3.""
Regarding Tesla's truck, Musk said:
I will hand over the first Tesla electric semi-trailer Tesla Semi to Pepsi Cola on December 1.
Tesla executives said that for the North American market, Tesla "very much hopes to produce 50,000 semi-trailers by 2024". In addition to Pepsi , United parcel service company, Walmart , JB Hunt Transport Services and other companies within food service distributor Sysco Corp also booked Tesla's Semi trucks.
Tesla's senior vice president of vehicle engineering Lars Moravy was asked about the electric pickup Cybertruck, and he said:
is still expected to be put into production "in the early 2023".
About Twitter: It has an immeasurable value
Regarding Musk, who is concerned about the current market, he said:
I am excited about the status of Twitter. To a certain extent, the Twitter asset has been "haggard" for a long time, but it has an immeasurable value."
But Musk also said:
I am not a stock god Buffett , I still have to work and I want to design products.
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