Tesla is one of the largest companies in the world, with a market value of $1.4 trillion. CEO Elon Musk believes that the company can expand far beyond this valuation. Recently, he stated that Tesla's market value may one day reach $30 trillion, which is 2,043% times more than the current value.
That statement has raised interest among investors about whether a $50,000 investment in Tesla today could turn into $1 million in the future. The company will follow that target through autonomous cars, ride-sharing, and robotics.
The tech leader remains the market leader in electric vehicles in the United States. Tesla stock price trades at $425 at the time of writing, but sales growth has slowed. Auto sales have dropped for three quarters in a row as competition intensifies. Brands like BYD and Geely increased their share in China and Europe, and Tesla's shares fell from 17% to 12% year over year.
The company's premium pricing model also restricts its reach at a time when competitors are launching lower-priced electric vehicles. According to certain experts, another factor influencing demand is the customer's concern regarding brand image. Although global EV sales have increased 35% this year through July, Tesla has not been able to increase its market share.
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The EV giant is now turning its attention towards artificial intelligence. The company has started an autonomous ride-sharing service in Austin, Texas, and is experimenting with Tesla robotaxis in San Francisco and Nevada. Elon Musk said ride-sharing could start impacting the company’s bottom line as early as next year.
Unlike other companies that use lidar and radar technology, Tesla is using computer vision for its autonomous platform. This strategy has the potential to speed up and reduce the cost of expansion into new cities. Straits, a consulting firm, estimates that sales for global ride-sharing will exceed $900 billion by 2033, and Musk is confident that Tesla will have a substantial share.
The tech giant is also continuing development on its humanoid robot, Tesla Optimus. Musk reported that this innovation is the company's "most valuable product" in a recent call. Tesla expects to build one million units per year within five years. Morgan Stanley estimates the global market of humanoid robots could reach $4.7 trillion by 2050.