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Tesla and SpaceX CEO Elon Musk is the richest man in the world and deserves it more than any of his predecessors--and Tesla will become the largest automobile company in the world, says New Street Research managing partner Pierre Ferragu.
Ferragu discusses Musk becoming the richest person in the world, and the future of Tesla at Fox Business. The analyst is glad that Musk has become the richest man in the world because he truly deserves it. Musk brought energy transition and space exploration to the world.
Jeff Bezos and Bill Gates were the richest people in the world because their empires are "very very large" and dominant in the market. Meanwhile, Tesla holds only 1% of the global car market share, and Musk is already the richest person in the world, which is very fascinating. It also means that Tesla still has a long runway ahead, and that is only as it pertains to opportunities in the car space. Beyond that, there are energy storage and solar opportunities. It also means that Musk will become even richer in the future.
"Innovation is accelerating in ways that are unbelievable and investors are anticipating that innovation is more and more."
In longer terms, Ferragu sees that by 2030 Tesla will be the largest car company in the world, larger than Volkswagen today. Tesla will be the number one clean energy company in the world, and its shares will cost a lot more. The analyst said that, in the near term, the company's stock is doing extremely well.
Previously, Ferragu said the information from Battery Day showed how Tesla will achieve very high battery production, and increase the production capacity of factories. It also showed how they would get the price down at the battery level, which means they could start selling a $25,000 car in 3-5 years from now. This, in turn, means that their market can grow up to 8 million vehicles. Thus, New Street Research concluded that, in 10 years, Tesla would be in "hyper-growth" mode, which means that the company will repeat the trajectory of Amazon over the past 10 years.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.