Buckle up for an exhilarating adventure as we explore Elon Musk’s audacious assertion that Tesla could surpass Apple and Aramco in terms of value within the next five years. That’s right, the electric car company might just outshine these industry giants if all goes according to plan.
During Tesla’s third-quarter earnings call, Elon Musk didn’t hold back in making this daring prediction. And he didn’t stop there – he doubled down on his forecast at the end of the year, expressing unwavering confidence in Tesla’s potential to soar in value.
Currently, Apple boasts an impressive market cap of $2.99 trillion, with Aramco closely following at $2.13 trillion. In comparison, Tesla’s market cap currently stands at a modest $778.6 billion. But don’t let these numbers deceive you, as Tesla’s stock has experienced significant growth over the past year.
At the start of January 2023, Tesla’s shares were trading at around $108. Fast forward to the end of the year, and that number had skyrocketed to nearly $250 per share. Now that’s some serious growth, dear readers!
Of course, Tesla hasn’t had it easy. Like other electric vehicle (EV) manufacturers, the company has faced a sales slump, resulting in price reductions to stay competitive. The Chinese market, in particular, has presented a formidable challenge for Tesla, with intense competition and difficult conditions.
Despite these obstacles, Tesla is poised to announce a record-breaking quarter in terms of sales, even though they may fall short of Musk’s ambitious targets for 2023. According to a report by Reuters, it’s projected that Tesla’s 2023 sales will reach approximately 1.82 million cars, marking a 37% increase from the previous year. Out of this total, around 473,000 cars are expected to be sold in the final quarter of 2023. While they may not reach the 2 million car sales target for the year, this is still an impressive achievement.
Looking ahead, the road isn’t getting any smoother for Tesla. The gradual phasing out of tax credits and continued hesitation towards EVs pose ongoing challenges. On top of that, concerns about the quality of Tesla vehicles have further added to the pressures of the market environment.
Are you prepared to witness an epic showdown for the top spot? Will Tesla dethrone the reigning champions, Apple and Aramco, in this high-stakes race? One thing is certain – the future promises thrilling twists and turns as we follow Tesla’s journey to greatness.
