PARIS (Reuters) – Tesla’s market value is essentially based on the “range” of the vehicle, Tesla CEO Elon Musk said on Friday, and Musk added that he “didn’t expect Tesla to is at this level” concerning the stock market value of the company.
“The value of the business is built primarily on autonomy,” Musk said at the Paris VivaTech event. “That’s really, I think, the main driver of our value.”
For years, it missed its goals of achieving full self-driving capability. Tesla says what it calls “Full Self-Driving” software does not make its vehicle self-driving and requires driver supervision.
“Although I’ve said it before, I think we’re going to solve autonomy soon,” the billionaire said at the event.
“Even if you have a reduced percentage chance of autonomy, that’s extremely valuable.”
(Reporting by Sudip Kar-Gupta, Mathieu Rosemain, Gilles Guillaume and Hyunjoo Jin; Editing by Alistair Bell)