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Elon Musk sees Tesla ($TSLA) becoming worth more than Apple ($APPL) and Saudi Aramco combined

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Tesla held its third-quarter 2022 earnings call today following the release of its shareholder letter. During the call, Technoking Elon Musk said that he could see the company becoming more valuable than Apple and Saudi Aramco combined.

Elon Musk said that he’d said on another earnings call that he thought it was possible for Tesla to be worth more than Apple. At the time, Apple was worth around $700 billion. Today, Tesla is worth almost $700 billion based on the company’s market capitalization. During today’s call, Elon Musk shared his new opinion on Tesla’s future value.

“Now I’m of the opinion that we can far exceed Apple’s current market cap. I see a path for Tesla to be worth more than Apple and Saudi Aramco combined,” the Technoking said. Combined, the two companies are worth just over $4 trillion.

As of October 2022, Saudi Aramco has a market cap of $2.092 trillion, making it the world’s second most valuable company. Currently, Apple has a market cap of $2.31 trillion and was the first company to hit $3 trillion earlier this year.

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These two companies that Tesla could overtake may have very different products but both can be considered competitors of Tesla. Tesla’s mission is to accelerate the transition to sustainability, as Elon Musk said tonight in response to one of our tweets. This translates to putting oil companies such as Saudi Aramco out of business in the long run.

Although Apple isn’t an oil company but a technology company, Tesla isn’t just an automaker nor just an energy company. Tesla is building its own artificial intelligence, robot, and batteries, and could possibly get into the mining business. These products are in addition to its EVs and energy products.

Elon Musk has said many times that he sees Tesla as a dozen or more startups. “Tesla is really a dozen or more startups if you look at all the things created from scratch that aren’t present in other car companies.”

During today’s earnings call, Elon Musk pointed out that there are companies that only make batteries and do well, yet making batteries is just one of the many things Tesla does. The following is a list of products and services besides EVs that Tesla offers:

  • Solar and Powerwall
  • Utility-scale battery storage (Megapacks)
  • Optimus bot
  • Tesla is building the Dojo Supercomputer to train neural networks.
  • Full Self-Driving, Autopilot, and artificial intelligence
  • Insurance
  • Its own charging network that will soon open to non-Tesla EVs in the U.S.
  • Batteries
  • Tesla makes its own seats for its vehicles and although it’s not selling these, it is saving money by making its own seats in-house.
  • Chips
  • Services for customers, such as Premium Connectivity
  • In 2020, Elon Musk said that Tesla was working on HVAC improvements for vehicles and that the designs developed could potentially apply to HVAC for homes. In June 2022, Elon Musk said that HVAC is on a future product list.
  • Lithium & mining–possibly. Elon Musk has said before that he doesn’t want Tesla to get into the mining industry however, in today’s call, he said that Tesla would do whatever it had to do.

Disclosure: Johnna is a $TSLA shareholder and believes in Tesla’s mission. 

Your feedback is essential. If you have any comments or concerns or see a typo, you can email me at johnna@teslarati.com. You can also reach me on Twitter at @JohnnaCrider1.

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Johnna Crider is a Baton Rouge writer covering Tesla, Elon Musk, EVs, and clean energy & supports Tesla's mission. Johnna also interviewed Elon Musk and you can listen here

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Tesla gathers Cybercab fleet in Gigafactory Texas

Images and video of the Cybercab fleet were shared by longtime Giga Texas observer Joe Tegtmeyer in posts on social media platform X.

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Credit: Credit: @JoeTegtmeyer/X

Tesla appears to be assembling a growing number of Cybercabs at Gigafactory Texas as preparations continue for the vehicle’s mass production. Recent footage shared online has shown over 30 Cybercabs being transported by trucks or staged near testing areas at the facility.

The images and video were shared by longtime Giga Texas observer and drone operator Joe Tegtmeyer in posts on social media platform X.

Interestingly enough, Tegtmeyer noted that many of the Cybercabs being loaded onto transport trucks were still equipped with steering wheels. This suggests that the vehicles are likely testing units rather than the final driverless configuration expected for the company’s Robotaxi service.

The vehicles could potentially be headed to testing sites across the United States as Tesla prepares to expand its Robotaxi fleet.

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Additional footage captured at Gigafactory Texas also showed the Cybercab’s side and rear camera washer system operating as vehicles were being loaded onto transport trucks.

The growing number of Cybercabs at Giga Texas comes amidst the company’s announcement that the first production Cybercab has been produced at the facility. Full Cybercab production is expected to begin in April.

The vehicle is expected to play a central role in Tesla’s Robotaxi ambitions as the company looks to expand autonomous ride-hailing operations beyond its early deployments using Model Y vehicles.

Tesla has also linked Cybercab production to its proposed Unboxed manufacturing process, which assembles large vehicle modules separately before integrating them. The approach is intended to reduce production costs and accelerate output.

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Musk has also noted that the Cybercab’s ramp will likely begin slowly due to the number of new components and manufacturing steps involved. However, he stated that once the process matures, Cybercab production could scale quickly.

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Elon Musk’s xAI, creator of Grok and Grokipedia, celebrates its third birthday

xAI Memphis highlighted several of its milestones over the years in its celebratory post. 

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Credit: xAI

Elon Musk’s artificial intelligence startup xAI has marked its third anniversary. The update was shared in a post from the xAI Memphis account on social media platform X.

xAI Memphis highlighted several of its milestones over the years in its celebratory post

As per xAI, it has built three massive data centers in the city, launched a coherent cluster of 330,000 GBs, created over 3,000 jobs, and paid over $30 million in taxes to local communities.

xAI’s Memphis operation has become a key part of the company’s infrastructure as the company works to train and deploy its Grok artificial intelligence models. Elon Musk has been quite optimistic about Grok’s potential, noting in the past that the large language model might have a shot at achieving artificial general intelligence (AGI). 

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xAI’s Memphis’ crown jewel is its Colossus supercomputer cluster. The project was announced in 2024 and has since become the home of one of the world’s largest AI compute facilities. The first phase of Colossus reached its initial 100,000 GPU operational milestone in just 122 days, or just about four months.

Industry figures such as Nvidia CEO Jensen Huang have praised the facility, noting that projects of similar scale typically take two to four years to complete.

xAI has cited Memphis’ central location, skilled workforce, and industrial infrastructure as key reasons for selecting the city as the home of its AI training operations. The company has also emphasized plans to expand the site further as it scales compute capacity for Grok and future AI models.

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Tesla Sweden’s Megapack Supercharger near Arlanda continues to aggravate IF Metall union

The charging site, located in Arlandastad outside Stockholm, appears to be operating despite ongoing union blockade measures tied to Tesla’s labor dispute in the country.

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Credit: Tesla Charging/X

Tesla Sweden’s Megapack-powered Supercharger station near Arlanda Airport has continued to aggravate Swedish labor union IF Metall. The charging site, located in Arlandastad outside Stockholm, appears to be operating despite ongoing union blockade measures tied to Tesla’s labor dispute in the country.

Comments about the site were shared by IF Metall representatives in remarks to Swedish publication CarUp.

The Arlandastad location includes eight Tesla Superchargers powered by a Megapack battery system. Unlike traditional charging stations that rely on direct grid connections, the site uses a large battery installation to store electricity and power the chargers.

According to the Swedish publication, the setup allowed the station to come online despite sympathy measures from Sweden’s electricians’ union, which has attempted to prevent companies from cooperating with Tesla as part of the broader labor conflict.

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IF Metall press manager Jesper Pettersson indicated that the union was not aware that the Superchargers had already been connected and activated.

“We do not know the details around this. But it is further proof of how Tesla systematically finds loopholes to circumvent the sympathy measures through active strikebreaking. Every time this happens it gives us reason to sharpen our conflict measures,” Pettersson said.

Union representatives also noted that the Megapack appears to be charged using electrical cables routed through nearby terrain, though the exact power source remains under review.

The Megapack-powered site has then prompted questions from Swedish labor unions about how electricity is being supplied to the system.

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IF Metall has submitted a report to Sweden’s Energy Market Inspectorate asking the regulator to review whether the electricity supply arrangement complies with national regulations. The Megapack is reportedly charged using electricity from a local company, though the provider has not been publicly identified.

Peter Lydell, an ombudsman at IF Metall, previously stated that Swedish law limits electricity trading to companies with proper authorization.

“The legislation states that only companies that engage in electricity trading may supply electricity to other parties. You may not supply electricity without a permit, then you are engaging in illegal electricity trading. That is why we have reported this… 

“This is about a company that helps Tesla circumvent the conflict measures that exist. It is clear that it is troublesome and it can also have consequences,” Lydell said.

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IF Metall and Tesla Sweden’s conflict has been going on for over two years now. 

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