Each year, electric car company Tesla holds an annual shareholder meeting. At these meetings, CEO Elon Musk talks about the company’s current products and financial particulars. Yet it’s Musk’s musings on future developments at these meetings that excite shareholders and gear-heads alike. The CEO often speaks candidly on products that aren’t even developed yet, giving a glimpse into the near and far future of the company.
This year was no different. Yesterday’s annual shareholders meeting brought to light exciting new products, plans for expansion, and the future of driving. Here’s a quick look at what Musk revealed, and just how they plan on dominating the auto industry.
A Tesla SUV.
The company’s Model Y is due for release in 2019. Though the design isn’t finalized, the vehicle will feature a new chassis, the company’s signature “Falcon Wing” doors, and all the standard features Tesla owners currently enjoy. Musk plans on building another factory to create these cars, though the company will utilize their Nevada factory for the Model Y’s batteries.
Tesla’s own Semi.
Since an SUV wasn’t big enough, Tesla also plans on constructing a semi-truck for commercial clients. These trucks would require much larger batteries than the company’s cars, though it’s worth noting that the trucks themselves have yet to be designed. That is why Tesla is turning to potential clients for their input on what would make a great semi. An event surrounding the proposed truck is scheduled for September of this year.
Factories and chargers everywhere.
You can’t make and sell thousands of new cars without having the factories to build them. Fortunately, the company plans on bringing anywhere between ten to twenty new car and battery factories to three locations in the coming years. These factories will helpfully let the company up their production from thousands of cars to millions each year.
The best self-driving cars around.
Tesla had a very public breakup with Mobileye last year, opting to make their own self-driving hardware and software instead. Now, the company claims their internal self-driving technology is nearly on par with that of Mobileye. Musk still plans on letting drivers take a cross-country trip without the need for human intervention, though that could be a ways off.
Should you invest in Tesla?
Tesla’s stock ($TSLA) is up 65.12% since the beginning of the year. This is better than Apple, Amazon, Google, and pretty much every major America car manufacturer. At the same time, the company rarely turns a profit, hardly sells enough cars when compared to other companies, and is in the middle of raising money to realize these lofty goals. Therefore, Tesla’s current valuation is merely based on the assumption they will accomplish the above tasks and sell cars like hotcakes before the end of the decade.
If you think Elon Musk and company will accomplish such a feat, be sure to do your research before you even think of investing in $TSLA. If you believe the electric car company will fall short of their targets, you might want to sit this one out.