For Elon Musk, Tesla will soon weigh more heavily than Apple!

It’s been a long time since Elon Musk came to compare himself to Apple. Perhaps riding the wave of his possible takeover of Twitter, the billionaire went on a surge during Tesla’s third-quarter earnings call.

For Elon Musk, Tesla will soon weigh more heavily than Apple!

Everything is running for Tesla?

According to the CEO, everything is going very well for Tesla’s finances, saying again that the latter could – at some point – far exceed Apple’s current market capitalization. But the speech could be more strategic than that, the businessman trying to reassure shareholders and investors who are somewhat lost with the deal Twitter or his management methods.

In fact, Tesla fell short of revenue expectations for the third quarter of 2022, but it is showing record revenue of $21.5 billion (+56% in the third quarter compared to last year) and a net result having more than doubled.

Disappointed, investors had largely anticipated the continuation of growth, thanks to the 344,000 vehicles sold over the period. Over one year, in the third quarter, production increased by 54% and deliveries by 42%. Also, these results did not really satisfy the market (which was counting on more than 22 billion dollars in sales) causing a drop in the price of the group now based in Austin, Texas.

Tesla intends to catch up with Apple (finally according to Elon Musk)

Immediately after the earnings release, Elon Musk announced that the company’s board had discussed a share buyback program of between $5 billion and $10 billion. For the moment, the plan has not yet been finalized. He also touched on Tesla’s market capitalization which currently sits at $700 billion. There will then be a small gap to fill before catching up with Cupertino which peaked at 2,312 billion dollars this morning. (barring a possible disaster).

For this, it will be necessary that Tesla organizes its production and manages to produce more vehicles in order to reach another, much higher level. Indeed, the group must unveil in December a brand new model of utility vehicle. But we especially think of its model Y SUV, which must leave its factories located in Austin and Berlin.

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