GOEV - Elon Musk's 'Super Difficult' Tesla Goal Fisker's Troubles Just Got Worse Faraday Future Eyes Affordable Segment And More: Biggest EV Stories Of The Week | Benzinga
Electric vehicle stocks mostly retreated in the week that ended on June 14 despite the broader market closing just shy of the record high. Tesla, Inc. (NASDAQ:TSLA) was in the spotlight this week amid its annual shareholder meeting on Thursday. The week also saw British EV startup Arrival (OTC:ARVLF) confirming its bankruptcy filing.
Here are the key events that happened in the EV space during the week:
Tesla Dodges Bullet: After months of lobbying by Tesla’s board, C-suite, and CEO Elon Musk, shareholders adopted the resolution to reapprove the billionaire’s 2018 compensation plan. The move lifted a burden that had been weighing down the stock. With the issue now in the rearview mirror, Musk sounded confident about the way forward for the company.
In a strong statement of confidence, the Tesla CEO said he sees the company’s market cap swelling to over $30 trillion, with the bulk of the value coming from the humanoid robot, the Optimus.
Future Fund’s Gary Black weighed in in response. The fund manager estimates that the market demand for robots will be 1 billion per year. Assuming Tesla captures 10% of the market share and the price of each robot is $20,000, the company can make a $1 trillion in profit after factoring a cost per unit of $10,000. Optimus alone will give Tesla a $20 trillion to $25 trillion valuation, he said.
“Autonomous vehicles: 100M vehicles market x 10% share = 10M veh/year x $50K price, $30K cost = $200B ...