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Although it’s not the first time that Tesla was compared to Apple, it’s a rare occasion for CEO Elon Musk to bring up the topic and make comparisons. Yet, this I exactly what he did when he declared that within 10 years, his company will reach a market cap of $700 billion. This would put it close to the iPhone maker indeed, which recently surpassed the $800 billion record.
This statement by Musk was actually made during an investor’s call back in 2015, when pre-orders for the Model 3 were exploding, Marketwatch noted in a recent report. The brash billionaire would have the chance to put his money where his mouth is very soon, since production for the cheaper Tesla car is set to begin in July.
“If we’re able to maintain a 50% growth rate for 10 years and achieve 10% profitability number and have a 20 P/E, our market cap would be basically the same as Apple’s is today,” Musk said at the time.
What’s more, the Gigafactory is already operational in some capacity and production is only expected to grow as more parts of the facility are completed. In any case, Tesla is already the most valuable car maker in the US, so it’s not as if Musk is all hot air in his predictions. On the contrary, some analysts are even saying that the technology firm could be worth trillions in all of the markets it is involved in.
Tesla is involved in multiple sectors at the moment and is constantly growing to accommodate even more. The company actually just announced that its Solar Roofs is ready for pre-orders and its Powerwall business is growing at a steady rate.
However, what Musk is most confident about is the software that Tesla is using to build cars. The firebrand actually said last Tuesday that its system would make the company more profitable compared to Apple, which was using overseas or third-party manufacturers at the time.
“I think this is just going to be a very difficult thing for other manufacturers to copy,” Musk said. “I don’t know what to do if I were in their position.”
