Elon Musk, the CEO of Tesla, spoke about a large number of topics and economic phenomena as part of an earnings call that went out this past Wednesday.
The electric vehicle titan highlighted earnings to the tune of $1.05 per share across the third quarter, which is slightly higher than what analysts expected which was $0.99. It brought in roughly $21.45 billion in overall revenue, dropping short of where it was forecasted to hit at $21.96 billion. Despite this, Musk stated that the demand for the vehicles created by tesla is on the rise, as expressed via a report from CNBC.
“I can’t emphasize enough, we have excellent demand for Q4 and we expect to sell every car that we make for as far into the future as we can see,” stated Musk. “The factories are running at full speed and we’re delivering every car we make, and keeping operating margins strong.”
Policymakers at both the federal and state level have been setting up further incentives for the ownership of electric cars. a new set of guidelines set up by the California Air Resources Board orders that all new vehicles sold throughout the state must produce zero emissions by as soon as 2035, while the governments of other states — such as Massachusetts, Washington, and Virginia — have put forth their own legislation that mimics the one from California. President Joe Biden recently autographed the new Inflation Reduction Act, which sports a tax credit of $7,500 for those buying new electric cars and $4,000 for those getting used ones.
Musk claimed that Tesla, which seemingly sports almost limitless demand for its cars, could set itself up to become one of the most valuable companies on the planet. “I’m of the opinion that we can far exceed Apple’s current market cap,” he stated. “In fact, I see a potential path for Tesla to be worth more than Apple and Saudi Aramco combined. That doesn’t mean it will happen or will be easy.”
The automotive revenue for Tesla sported a 55% increase from just over a year ago. Additionally, the company has expressed that it expects to keep an annual growth rate of 50% in vehicle deliveries over the course of the next few years.
The billionaire entrepreneur is also taking strides to buy out and own Twitter in the wake of merger negotiations and various legal proceedings that have been carried out over the past few months. The social media titan has been heartily fighting Musk in court after his attempt to cancel a previous deal to buy out the company for a staggering $44 billion, a plan he said was put in place due to concerns that the Twitter executives were severely underestimating the real number of fake accounts sitting on the platform. Musk once again renewed his efforts to buy the company earlier this month.
“I think it’s an asset that has sort of languished for a long time but has incredible potential,” explained Musk while speaking on the earnings call. “The long-term potential for Twitter is an order of magnitude greater than its current value.”
Going further than his worries about fake accounts, Musk has spoken about his criticism concerning the subpar support on Twitter for free expression. He started his entire campaign a few months ago via a poll sent out to his followers concerning the platform’s handling of the principle of free speech.