Elon Musk, chief executive of Tesla Inc (NASDAQ:TSLA), told investors in a Q&A session that the company hopes to mass produce Robotaxis in 2024 following its bumper first quarter results.
Musk said the vehicles, which will be without pedals and a steering wheel and totally autonomous will be cheaper per mile than a bus ticket.
“With the robotaxis and autonomy, I think we will end up providing consumers with by far the lowest cost per mile that they’ve ever experienced.”
Additionally, the company is on course for production of its Cybertruck vehicle next year, which it claims is “designed to have the utility of a truck with sports car performance.”
Musk’s plans were called out by one investor, however, who claimed the Tesla chief executive “has historically provided timelines with not optimal accuracy.”
Of course, all these electric battery-powered vehicles will require large amounts of natural resources, with the delivery target upped to 1.5mln for the year from 1.3mln.
In the Q&A session, Musk called on young entrepreneurs to get into lithium mining, with the metal a key component in electric vehicle batteries.
He added that the company has been looking at potential factors that could limit production, with electric vehicle demand outstripping lithium resources.
“We’re looking carefully at all of the raw materials and trying to figure out how we can accelerate the total amount of raw materials needed to transition the world to sustainability,” Musk said.
“I certainly encourage entrepreneurs out there who are looking for opportunities to get into the lithium business.”
The world’s richest man suggested that the spot lithium price is currently 10 times higher than the cost of extraction, creating the opportunity for huge margins.
Yesterday, Tesla reported an 81% increase in revenue year on year to US$18.76bn, beating Wall Street forecasts, with shares expected to open 5% higher.
Net profits reached US$3.3bn in the quarter, up sevenfold from a year ago, up by more than US$1bn from the previous quarter.
Gigafactory assembly lines in Berlin and Austin are up and running, which contributed to Tesla rattling production while decreasing costs.
Bumper results were reported despite supply chain issues, increases in raw materials and slowed production in its Shanghai plant due to Covid restrictions.