Elon Musk, one of the wealthiest individuals in the world after having founded companies such as PayPal and Tesla, recently hosted a Tesla Investor Day, in which he showcased a lot of car company’s ambition for the future.
Tesla is not just a car company
Tesla is most well-known for their car production, and they have done incredibly well in this regard with the company’s manufacturing leader Tom Zhu stating that as of Wednesday the company had produced four million cars.
One of the main themes that was constantly reiterated throughout the day was the idea that Tesla is not solely a car company, although that is their main product line for consumers at the present time.
Tesla's Optimus robots are self-replicating, ushering in a new era of self-replicating technologies pic.twitter.com/gUfL8vt6Z8
— Tansu YEĞEN (@TansuYegen) March 2, 2023
Tesla also has a strong focus on artificial intelligence, which can be seen in many of their investments into the robotics industry – Musk has stated that he hopes within a few years the Tesla robots will be able to help people in all manner of ways.
Tesla stock falls 5% thanks to lack of detail
However, the value of Tesla stock fell 5% after the Investor Day, since many market participants were disenfranchised by the lack of detail in many of the plans that were outlined.
Despite this, many analysts remain bullish on the company, with Morgan Stanley analyst Adam Jonas stating that “in a race to the bottom, we struggle to see how other companies can keep up”.
Tesla’s progress in the AI space is leagues ahead of their competition, and their stock price when compared with companies that sell a comparable amount of cars reflects this well.
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