Tesla’s stock has already risen over 400% this year, but CEO Elon Musk said he thinks the company “will be worth more in 5 years” in an interview with Kara Swisher for a New York Times podcast.
“Some critical mass of the market has concluded that Tesla will win, I guess,” said Musk on the stock’s increases. “I’ve gone on record already saying the stock prices have been high, and that was well before the current level. But also if you ask me, do I think if Tesla will be worth more than this in 5 years? I think the answer is yes.”
In May, Musk tweeted that Tesla’s stock price was “too high,” which sent it down 12% that day. However, since he made those remarks, shares are up almost 200%.
In the wide-ranging interview, Musk also said, “Tesla at this point is not in mortal danger, as it was, say, three years ago.” He added, “The thing that Tesla has been able to achieve is get to volume manufacturing and have sustainable positive free cash flow. From a car company standpoint, that is the real achievement of Tesla.”
“Tesla should be measured by how many years we accelerate the advent of sustainable energy,” said Musk.
At last week’s “Battery Day,” Musk confirmed Tesla is producing its own battery cells at its Fremont facility and predicted the company would be able to make a $25,000 self-driving car within three years.