- Elon Musk recently said he is very close to developing fully autonomous vehicles.
- That is another autonomous promise about a Tesla vehicle. The previous ones are unfulfilled, and this one could be a lie as well.
- Currently, Tesla cars are nowhere near capable of driving themselves.
Teslas (NASDAQ:TSLA) stock rally has gone parabolic. The stock gained 43% over the last month, with a chunk of it coming in the previous two weeks. Those who dared to bet against Elon Musk got crushed.
Teslas steep rally the last month. | Source: Tradingview
The companys market value has followed suit.
Tesla surges above and beyond all traditional automakers. | Source: Bloomberg
Just as it seemed a healthy pullback was coming, Elon Musk has found another way to pump the stock.
Wednesdays trading session saw Tesla undergo some profit-taking, with the stock falling 1.3%. It seemed like perfect timing for Musk to make another claim about Teslas autonomous technology.
Why? Because another rally could land him a hefty payday.
Musk has made several claims about Teslas autonomous vehicles. All of them have failed to materialize, which means we should be extra critical of his latest comments.
Hedge fund manager Brad Munchen reacts to Musks autonomous claims. | Source: Twitter
Some of his past claims:
A million Robo-Taxis by 2020
Last year, Musk made an ambitious announcement during Teslas Autonomy Investor day. He said there would be a million self-driving cars on the road by 2020.
Not only that, he claims Tesla cars would be an appreciating asset.
Some had called his bluff right then and there.
Well, 2020 is here, and there are still no robo-taxis around. There wont be many for decades to come, according to most experts.
An autonomous minibus by 2019
In 2016, Musk claimed Tesla would start producing autonomous minibusses in two-to-three years.
Its 2020, and there are no signs of them.
An autonomous cross-country drive
Musk once claimed:
All you need to is get in and tell your car where to go.
This was supposed to happen by 2017.
You still cannot take your hands off the steering wheel or eyes off the road when a Tesla car is self-driving.
Teslas autonomous technology is currently at level two. Level five, all of a sudden, seems highly unlikely.
A massive leap to level five for Tesla? | Source: NHTSA
It would be a mind-bending leap if Tesla is very close to level five automation. Especially when you consider the fact that the latest technology is already claiming lives.
Musk Eyes Huge Payday from the potential stock rally
If the Tesla stock rallies once again, Musk would be one step closer to a hefty payday, his second in two months.
For reference:
Elon Musk is on his way to another target. | Source: Reuters
Musk closes in on target two. | Source: Reuters
Another rally for Tesla will make sure Musk gets his $1.8 billion.
Considering what has happened in the past, it wouldnt be farfetched to say Musk is once again lying for personal gain.
Disclaimer: This article represents the authors opinion and should not be considered investment or trading advice from CCN.com. The author holds no investment position in the above-mentioned securities.
Sam Bourgi edited this article for CCN.com. If you see a breach of our Code of Ethics or Rights and Duties of the Editor or find a factual, spelling, or grammar error, please contact us.