Elon Musk Talks TSLA Stock, Battery Day Reactions
In a new interview on Kara Swisher's Sway podcast, Tesla CEO Elon Musk shared his thoughts on media coverage of Tesla's Battery Day, Wall Street's reaction, and Tesla's recently-elevated stock price.
"Smart people on Wall Street have, usually, not the faintest clue about manufacturing and how difficult it is. They think that once you have come up with a prototype, well, that’s the hard part and everything else is trivial copying after that. It is not. That is perhaps 1% of the problem. Large scale manufacturing, especially of a new technology, is somewhere between 1,000% and 10,000% harder than the prototype. I would really regard, at this point, prototypes as a trivial joke. The press coverage of this event was sad," said Musk.
The exchange between Musk and Swisher continued:
"OK, tell me why."
"Most of the press takeaway was —"
"A sad reflection of their understanding, really."
Swisher pressed Musk to explain it to them, then.
"I mean, I'll try. But I’m also not trying to convince people that much. The results will speak for themselves. The cells we’re talking about, we have produced many of them. We have had cars driving with those cells since May," Musk notes.
Tesla plans to ramp up production of their battery cells to 100 GWh/year in 2022 and 3,000 GWh/year by 2030.
As for the dramatic rise in Tesla's valuation over the last year?
"I think some critical mass of the market has concluded that Tesla will win, I guess. I mean, I’ve gone on record already as saying I think the stock price is a bit high. That was well before its current level. But if you also ask me, do I think Tesla will be worth more than this in five years? I think the answer is, yes."
For more news and analysis on Tesla, including a rumored investment in LG's battery business, please see the included video and be sure to follow Tesla Daily on The Street.
Disclosure: Rob Maurer is long TSLA stock and derivatives.