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President Trump and Elon Musk set to make it official from the Oval Office shortly that Musk's time in government is coming to an end. Tesla shares are down about two and a half percent today. Still up 20% on the month as Elon Musk touted his return to the company pledging to once again sleep on factory floors.
My next guest has been counting down the days. Dan Ives of Wedbush is here on set with me. Good to have you. Great to be here. I don't I mean few people were pounding table more than you for him to step away from the government role here. So is this a little bit of kind of buy the rumor sell the fact the fact that the shares are selling off today?
so. I mean look it's a pop the champagne moment for Tesla investors because the biggest asset for Tesla is Musk. And I mean this is this really today I mean they'll have the press conference but this ends really what was a dark chapter for Tesla investors and I think for Musk it took on a life of its own.
I I don't think he ever anticipated you know him going to the Trump White House and doing it was going to take on this terms some of the brand issues as well as you know everything he's talking about. describe those brand issues as being like how much equity value has been lost to the company because of his time spent there?
I mean I think you know I mean ultimately you could have a stock that's probably 20% higher from here. I mean I think ultimately Is that already priced in? Was that the move this month you know? Look I I mean I believe we're looking at a two trillion dollar market for Tesla. I mean when autonomous and robotics plays out in my opinion you know this one with Nvidia two the best disruptive technology company in the world but it speaks to why Here's where Here's where I struggle with the Tesla thesis a little bit, right?
The The Everything they're doing is amazing except that what's coming out of China to me as a non-expert seems more amazing. The prices of these cars, the sort of self-driving ish capabilities that they have. Can you lay out like are those companies as good as what Tesla has and why is Waymo ahead of them?
How am I supposed to be so blown away by Tesla when Waymo's over here do with self-driving cars already? a great point. But my So, when you look at Waymo, I mean, essentially in four cities, 230,000 hour cars each, right? So, the question there is like, can it scale? So, our whole view of Tesla is when it comes to scale, I I view it as unmatched relative to engineering talent and the ability to scale.
And I think Austin, which kicks off June 12th, I mean, to me is really just the start of what's going to be the autonomous vision. And I believe we're sitting here a year from now and cyber cabs, robo taxis are going to be in 10, 15, 20 they can have the cyber cab manufactured in a a year from now? Oh, I believe I mean, I think I they could get to scale very quickly.
And I think again and again, look, the technology that's come out of China is significant. And as someone who's seen it firsthand in terms of BYD and everything that that we're looking at. But when it comes to globally, who I believe is going to dominate autonomous But aren't the Chinese going to be They have cars, SUVs that cost $7,000 with some of these capabilities, right?
These EV cars with some some of the the robotic elements. So, how how much scale can I can see them dominating the US market for sure, absolutely. Is their engineering, their ability, what they've done with these, you know, factories better just mind-bogglingly amazing? Of course. But are they going to be able to compete on the world stage?
Look, and I think on the world stage, I think it'll be their world, everyone else will pay rent. In In terms of my view, when they get to scale and as the regulatory environment gives them an even playing field, then I think that's also speaks to why Musk is not is no longer about being in the 2020 era code.
It's about being at Tesla leaders lead. And I think this is going to go down, the biggest chapter of Tesla's growth story is ahead of us. Do you think he's more excited about the humanoid robot than about the future of self-driving cars? I mean, that's where we're seeing so much discussion. It's amazing what he's doing at SpaceX.
Forget the fact that the I mean, that even the last rocket launch making it to where it did, everything else that he had he has going on right now, so many different touch points with so much promise, do you think Tesla still retains the same excitement and promise for him? I think ultimately the golden goose, the hearts and lungs of the Musk, you know, ecosystem is Tesla.
And I think that's why, you know, he read the room well. You know, starting with you know, going back to that earnings call and I think everything we've seen here, it's not coincidental the stocks had the move because my view is like $500 is base value in terms of where I see shares. But Kelly, I think we're going to look at next year, too, and I think this is really going to be a golden era for Tesla when it comes to autonomous and robotics led by Musk. And that's why this dark chapter now, today, ends. I see a bright future ahead.
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