Tesla CEO Elon Musk Thinks Stock Will Be Much Higher Later

Despite electric vehicle maker Tesla seeing its shares soar an amazing 400% this year alone, CEO Elon Musk thinks that in 5 years it’ll be worth a lot more.

The chief executive said in an interview with Recode’s Kara Swisher on her Podcast “Sway” that Tesla “will be worth more in 5 years.”

“Some critical mass of the market has concluded that Tesla will win, I guess,” said Musk on Tesla shares gaining so much. “I’ve gone on record already saying the stock prices have been high, and that was well before the current level. But also if you ask me, do I think if Tesla will be worth more than this in five years? I think the answer is yes.”

It was in May that Musk had tweeted that share prices were “too high” and while they dropped 12% the day of his tweet, they still went on to explode nearly 200% higher afterwards.

In May, Musk tweeted that Tesla’s stock price was “too high,” which sent it down 12% that day. However, since he made those remarks, shares are up almost 200%.

In the interview with Swisher, Musk also said, “Tesla at this point is not in mortal danger, as it was, say, three years ago.” He added, “The thing that Tesla has been able to achieve is get to volume manufacturing and have sustainable positive free cash flow. From a car company standpoint, that is the real achievement of Tesla.”

“Tesla should be measured by how many years we accelerate the advent of sustainable energy,” said Musk.

At the company’s “Battery Day” last week Musk said the company is producing its own battery cells at its Fremont, California, facility and predicted the company would be able to make a $25,000 self-driving car within three years.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.