With Tesla’s highly anticipated Q3 earnings call taking place Tuesday, Elon Musk doubled on the Robotaxi product, while the report itself has driven TSLA up 17% Wednesday. Talking to reporters, Musk reaffirmed the commitment to the product while noting that deviations from it are highly unlikely.
When asked about the release of a “$25,000 non-robotaxi regular car model,” Musk called the idea “pointless.” Indeed, he appeared to be all in on the autonomous vehicle. Yet, that doesn’t seem to be hiring the company’s stock, as it has skyrocketed in the last 24 hours.
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Elon Musk Calls Non-Autonomous EV ‘Pointless’ Amid Robotaxi Hype
This week, Tesla (TSLA) proved once again why it sits atop the EV manufacturing market. The company was slated to release its Q3 earnings. Although there was some trepidation among investors, the company outperformed nearly all expectations. Moreover, its stock value skyrocketed after the report was released.
The results led TSLA to surge as much as 12% in after-hours trading Tuesday while increasing as much as 17% Wednesday. In Q3, Tesla reported earnings per share at $0.72, which was above the consensus $0.60 estimation and up 9% from 2023. Additionally, it reported $25.18 billion in revenue, up 8% from a year ago.
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In that same earnings call, Tesla head Elon Musk made clear his commitment to the Robotaxi plan. Indeed, he noted that the company is not looking to shift back to the traditional EV market amid the products unveiled this year.
“I think having a regular $25,000 model is pointless,” Musk said. “It would be still. It would be completely at odds with what we believe,” he added. For Tesla, it certainly doesn’t look like they will be changing the model any time soon. It appears to have the company only looking up in terms of value and growth.