Tesla has announced that it expects to achieve slight growth in vehicle deliveries for the entire year. The company's stock rose 4.8% in extended New York trading following this news. Elon Musk, CEO of Tesla, comfortably added $80 billion to the company's market value.
In a recent call, Musk mentioned that a regular $25,000 electric vehicle would be 'useless,' stating that all Tesla cars produced will have autonomous capabilities. He also indicated that the company aims for delivery growth of 20 to 30% next year, with plans to officially launch the rideshare service in Texas and California.
Despite some investors' expectations, Musk denied the production of an affordable electric vehicle to compete with mass models like the Toyota Corolla. Instead, Tesla will focus on its autonomous Cybercab, with an estimated price of about $30,000. Musk noted that mass production of this dedicated robotaxi will begin in 2026, and the company aims to reach at least 2 million units.
Tesla's results and plans generated excitement among long-term investors. Gene Munster, managing partner at Deepwater Asset Management, commented that investors saw profits and a forecast for delivery growth. According to Musk, Elon Musk's personal wealth will continue to increase given Tesla's and SpaceX's trajectory.
Musk's fortune is expected to rise even more due to the positive results presented by Tesla in the third quarter of this year. The company surpassed Wall Street estimates thanks to an increase in demand for its vehicles. Third-quarter earnings were boosted by Cybertruck sales, the energy storage business, and regulatory tax credits.
