Benzinga – by Chris Katje, Benzinga Staff Writer.
Electric vehicle leader Tesla Inc (NASDAQ:TSLA) hosted its annual shareholders meeting Thursday, June 13 with a limited in-person event that was also livestreamed to the public.
After the results of the shareholder voted on items were read, CEO Elon Musk shared a company update.
What Happened: Musk kicked off the event with a thank you to shareholders, who voted in favor of his new pay compensation package after a prior 2018 plan was voided earlier this year.
“Hot damn, I love you guys,” Musk said.
Musk said the future for Tesla is exciting.
“We’re not just opening a new chapter for Tesla, we’re starting a new book.”
Musk said where things are headed in the future will be “mind-blowing.”
With comments on autonomous driving, Musk said Tesla will be far safer than people driving cars.
Musk said Tesla autonomous vehicles will be similar to Airbnb and Uber with the company owning some cars and customers owning others.
“Your car makes money for you while you’re gone.”
Musk said owners will be able to have their vehicles join the fleet with one tap for however long they want.
“This is actually going to happen. Mark my words, this is simply a matter of time.”
Musk reminded shareholders that sometimes he’s super optimistic, and sometimes that’s a good thing.
“If I wasn’t optimistic, this factory wouldn’t exist,” Musk said of Giga Texas where the meeting took place.
During his presentation, Musk shared an update on the Cybertruck saying the vehicle recently had a record production of 1,300 units in a week.
“It really is something special.”
Musk said the Cybertruck is finally something that just looks like the future and joked that if you showed a picture of the Cybertruck against another vehicle to an unfiltered kid they would pick the Cybertruck.
“It’s a fantastic product. I think it’s our best product.”
Musk said the Tesla Semi is in low-volume production and last week he approved plans for full-volume production for the vehicle.
The Tesla CEO said the Tesla Semi could move the needle financially.
“It’s not a small thing.”
Musk added there are several other vehicles in development that are “gonna be pretty special.”
Related Link: Tesla Q1 Earnings Highlights: EV Giant Misses Wall Street Estimates, Makes Cost Cuts, Invests In AI, Speeds Launch Of New Models
What’s Next: Musk recommended that people read the price target and valuation report from Cathie Wood and Ark Invest.
The Tesla CEO said that report lays out a $5 trillion valuation for Tesla, without including the impact of the Optimus bot.
“I agree with that,” Musk said.
Musk said the valuation of Optimus might be overlooked with the ability to make around 100 million Optimus bots annually.
“Who doesn’t want a C-3PO? It’s like C-3PO plus R2-D2.”
Musk said Optimus will be less expensive to buy than a car and Tesla could make $1 trillion annually in profits at large-scale efforts.
There were two Optimus bots already in use at the Fremont factory, and starting next year Tesla will have over 1,000, maybe a few thousand Optimus robots working at Tesla, he said.
Based on the metrics shared above, Musk said that it is in the realm of possibility that Tesla becomes 10 times more valuable the most valuable company.
With Apple and Microsoft trading at market capitalizations of around $3.3 trillion, Musk suggests that in the future Tesla could be worth over $33 trillion.
“When I say starting a new book, it’s gonna be the best book.”
TSLA Price Action: Tesla shares are up 1% to $183.85 in after-hours trading Thursday.
Read Next: ‘Pop The Champagne Moment’ For Tesla? Analyst Says Shareholders Spoke Out Loud For Elon Musk: Here’s What To Expect At Thursday’s Annual Meeting
Photos: Shutterstock
Check back in Benzinga for updates about the Tesla shareholder meeting.
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