Tesla (NASDAQ: TSLA) recently faced one of its most disappointing quarterly periods, reflecting the broader slowdown in electric vehicle (EV) sales growth. Despite this challenging backdrop, investors are looking ahead to the future of the company.
While Tesla’s stock has taken a hit this year, dropping nearly 40%, there is optimism surrounding the company’s upcoming more affordable EV offering. CEO Elon Musk remains confident that Tesla will sell more vehicles this year than in 2023, which is encouraging news for investors.
However, the real potential for Tesla lies in its energy segment, which has shown steady growth over the past two years. CFO Vaibhav Taneja highlighted the progress in the energy business, with margins reaching a record high and energy storage deployments expected to grow significantly in 2024.
Moreover, Tesla is transitioning towards automation and artificial intelligence-driven computing power, with plans to launch a robotaxi or “Cybercab” in the future. While this vision may seem ambitious, Musk compared it to the evolution of elevators, suggesting that self-driven vehicles could become a reality in the future.
Overall, Tesla’s diversified business model, including its energy segment and future automation plans, make it an attractive investment opportunity for those looking beyond just EV sales. With a strong cash position and innovative vision, Tesla continues to be a compelling choice for investors seeking long-term growth potential in the electric vehicle industry.