Wedbush Securities Managing Director and Tesla Inc. (NASDAQ:TSLA) bull Dan Ives believes Elon Musk‘s EV giant is entering a golden era, following Musk’s commitment to the brand.
What Happened: “I believe that path to two trillion market cap is on the table because of autonomous and robotics,” Ives said in an interview with Bloomberg on Wednesday.
The analyst also claimed that there could be some short-term chop in demand for the EV giant. However, he reiterated that this could be the beginning of a “golden era” for Tesla.
Ives then outlined how he believes the market isn’t “fully pricing the opportunity for in terms of autonomous and robotics for Tesla,” and said that Tesla will surpass Waymo in the next year with the Robotaxi launch in Austin, as he echoed Musk’s comments about hundreds of thousands of Robotaxis in the future.
Why It Matters: Ives had earlier called Tesla’s Austin robotaxi launch a “watershed moment” for the company. “This is a different Musk than we saw over the last one, three months. Dedicated, focused on Tesla, driving the next initiative,” he said.
These comments come in as Musk has reaffirmed his commitment to leading Tesla for the next 5 years as the company’s CEO, which led to a surge in Tesla stock value.
The CEO also reiterated the June timeline for Tesla’s Robotaxi launch in Austin as well as hinting at a potential ride-hailing platform with Tesla’s autonomous fleet. “We have millions of cars that will be able to operate autonomously. And I should say that it’s a combination of a Tesla-owned fleet and also enabling Tesla owners to be able to add or subtract their car to the fleet,” Musk said.
Price Action: TSLA currently trades for $331.70 in after-hours trading, according to Benzinga Pro data.
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