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Elon Musk, CEO of SpaceX and Tesla, attends the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition center in Paris, June 16, 2023.
Chesnot | Getty Images
Tesla CEO Elon Musk believes the automaker’s market value is directly related to whether the automaker is capable of a self-driving solution, the billionaire said. LVMH A descendant of Antoine Arnault on Friday.
Musk was speaking at the VivaTech innovation conference in Paris. The younger Arnault bashed Musk about Tesla’s $827 billion market value, noting that it dwarfed the storied luxury group’s valuation.
The Tesla CEO responded and indicated that he has little insight into stock price movements. “Ratings are a weird thing,” Musk said. “Sometimes I say, ‘Hey, I think the stock price is too high in Tesla,’ and then the stock price goes up. I’m like, ‘Okay.'”
But Musk also pointed out that Tesla’s market capitalization is related to whether the company can master self-driving technology.
“In fact, the value of the company is mainly based on independence,” Musk said. “If you look at our total vehicle production, it’s close to 2 million vehicles this year or something like that. But that’s still only 2% of total vehicle production.”
The CEO continued, “The potential for autonomy is that the value of autonomy is very high, even if you have a discount, the probability that percent autonomy will happen, it’s going to be very valuable.” He also reiterated the idea of Tesla owners turning their cars into a fleet of self-driving robots, an idea he once said would be implemented by 2020.
Musk has said for several years that Tesla is close to a self-driving solution, but the company’s cars still only offer advanced driver assistance features.
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