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As Tesla Inc.'s (NASDAQ:TSLA) Gigafactory in Texas hit the milestone of 500,000 units produced, Deepwater Asset Management's investor Gene Munster says automakers are likely hoping for autonomous driving to fail.
Check out the current price of TSLA here.
The company took to the social media platform X on Wednesday to commemorate the occasion. "Congratulations to the Giga Texas team for building 500k vehicles," the post said.
The Gigafactory recently was in the news as the EV giant's highly anticipated Cybercab was reportedly spotted at the in-house crash testing center in the facility by influencer and drone operator Joe Tegtmeyer.
Tesla's Gigafactory in Berlin will also be ramping up production, citing positive feedback and increased demand from the markets it supplies to, as outlined by Tesla’s head of production in Germany, André Thierig.
Interestingly, as the Gigafactory reached the 500k milestone, Munster highlighted a possible slowdown in EV adoption across the globe, citing reports in the media in a post on Wednesday he shared on X. "I believe that's accurate," Munster said in the post.
"If I were on the board of a traditional auto company, I'd be praying for autonomy to fail," he said. Munster added that the phenomenon could be "good news" for Elon Musk's EV giant as it was "the latest trend that will leave traditional auto offside once autonomy gains momentum," Munster said.
Munster had also earlier said that the NHTSA investigation into Tesla's autonomous driving technology was a positive sign as the market "would appreciate" the automaker's efforts to develop autonomous driving technology and undertake that risk.
Elsewhere, former Ford Motor Co. (NYSE:F) CEO Mark Fields has said that the global EV market hasn't developed the way automakers thought it would have, with General Motors Co. (NYSE:GM) also announcing a $1.6 billion charge related to EV capacity in the U.S.
"The automakers really went full bore in putting in capacities for EVs," Fields said, adding that the companies didn't discuss EV adoption in the market before making the decision.
Tesla scores well on Momentum, Quality and Growth metrics, but offers poor Value. Tesla also offers a favorable price trend in the Short, Medium and Long term. For more such insights, sign up for Benzinga Edge Stock Rankings today!
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