Do robots have to catch up with humans? I don't know the answer. Every expert has its own opinions, but it is really a big plot. The development trend of robots is getting more and more rapid. It has attracted many giants to intervene. Tesla CEO Elon Musk is a typical example. Representatives, there are rockets, cars are not enough, but also to play robots. Even in the dialect to surpass Apple, why does Musk let Tesla surpass the $250 billion cash king of Apple?
Tesla CEO Elon Musk believes that Tesla's market value can reach Apple's level with robot software. And he will soon get the chance to prove himself.
At three plants across the United States, Tesla's automated production capacity is about to demonstrate its value. If Musk can achieve the goal of automated production, Tesla will at least gain a certain advantage over Apple.
Musk said in 2015 that Tesla's market value will reach 700 billion US dollars in 10 years. In this earnings conference call on Wednesday, he reiterated this: "This may be my delusion." Some analysts asked about the progress of the goal, Musk said, "this involves a lot of machines to produce machines."
He explained: "This includes a lot of software. Robots are not static, they only rely on software robots to interact. This is more complicated than software in cars."
Musk is talking about advanced machines for the production of Model 3 models and battery packs. He hopes to use this technology to make Tesla the leading US automaker in a short period of time. Tesla will launch three new production lines in the coming months and plans to open maximum capacity.
The former NUMMI plant in Fremont, Calif., is being rebuilt by Tesla, with annual production increasing from the current 100,000 units to 500,000 units at the end of 2018. Previously, Model 3 attracted 373,000 orders during the booking phase, and Musk subsequently proposed this heavy plan. The production of this model will start in July this year.
Model 3 is a low-cost version of Model S, and Tesla's confidence in reducing the cost of electric vehicles is due to the independent production of batteries at Reno's "super factory" in Nevada. Tesla said on Tuesday that the plant will soon be equipped with dedicated production machines and Tesla software. Musk has said that the capacity of this factory will exceed the total capacity of the global lithium battery.
This factory has a large area. Musk said on the earnings conference call: "You can put 3 or 4 Pentagons in it. This is a super factory."
The batteries produced by the super factory will also be used in Tesla's energy business. After Tesla acquired SolarCity last year, the company's energy business has grown stronger. The acquisition also gave Tesla a solar panel plant under construction in Buffalo, New York, which is now known as the "Super Factory No. 2".
The solar roof of Tesla will be produced at this plant. This solar roof was piloted at the Fremont plant in California this quarter. Tesla said that the No. 2 super factory will be able to produce up to 10,000 solar panels per day. These panel sections will be sold to residential users through Tesla retail stores, while the other will be installed on a large scale at locations such as Kauai, Hawaii.
This means large-scale production. Starting this year, Tesla is using new machines to carry out production. The company believes that this approach can lead to higher profits than commissioning foreign companies to produce in the United States.
Musk said on Tuesday: "I think this is a point that other manufacturers are hard to copy. If they are in their place, then I don't know what to do."
Apple uses overseas business to produce iPhones, and the production of other components is also completed by the foundry. In other respects, the two companies are very similar, they have built very fashionable retail stores and provided repair stations, and the software can be upgraded remotely.
However, Apple has a clear lead over Tesla. Over the past 10 years, Apple has sold more than one billion iPhone, iPad and Mac computers, and Tesla has sold more than 1 million cars in the company's history. Apple's profitability is also very strong. According to earnings reports released on Tuesday, Apple's quarterly profit will exceed Tesla's full-year revenue last year.
Tesla is still at a loss, and the company's market capitalization exceeds $50 billion. Musk believes that Tesla's future market value can reach 700 billion US dollars. In 2015, he explained this.
"If we maintain a 50% growth rate in 10 years, achieve a 10% profit margin, and a price-to-earnings ratio of 20 times, then the market value can reach Apple's level today." He said, "This is equivalent to 700 billion US dollars. And achieving this goal requires huge capital investment."
In the past, Tesla has completed huge capital investment and built large factories with new production equipment. If Tesla wants to reach Apple's market capitalization level, then the robot software needs to deliver outstanding performance.
In 2017, Tesla shares rose 46%, while the Standard & Poor's 500 index rose 6.7%.
Apple’s recent filings with the Securities and Exchange Commission (SEC) show that of the company’s $257 billion in cash reserves, $148 billion was spent on corporate bonds. Apple’s purchase of corporate bonds is enough to buy the Vanguard Total Bond Market Index Fund, the world’s largest fixed-income mutual fund. The fund currently holds corporate, government and mortgage bonds totaling approximately $145 billion.
Like many technology companies, Apple has been reluctant to bring overseas profits back to the US in order to avoid paying high taxes. In this case, Apple chose to invest in corporate bonds, US Treasury bonds and money funds.
Given that more than 90% of Apple's cash reserves are stored overseas, the company has chosen to issue corporate bonds on a regular basis to help them complete stock repurchase, dividends and other plans to return cash to shareholders. Apple said on Thursday that the company may issue another $7 billion in debt to fund the dividends and share buybacks. The company said in a conference call on Wednesday that it had issued $11 billion in debt in the second quarter ended March, and the company's total liabilities were $88.5 billion.
Apple and other cash-rich companies are currently waiting to see, and the Trump administration is expected to issue a new tax policy that will allow them to bring overseas cash back home. Trump's previously announced tax plan includes repatriation regulations, but did not disclose specific tax rates. Trump raised a 10% tax rate during the campaign. US Treasury Secretary Steve Mnuchin said, "The tax rate is very competitive."
Apple's overseas cash reserves are managed by Braeburn Capital, a hedge fund established in Nevada. If the company decides to make a major adjustment to the asset allocation, it may bring volatility to the entire market. Apple has always favored investing in short-term, secure bonds from high-rated financial companies and other companies.
Benjamin Campbell, chief executive of Capital Advisors Group, which advises on corporate cash and risk management, said preparing for repatriation could mean that cash-rich companies want their money to be more like US Treasury bonds, etc. A more liquid form of bonds holds. Campbell said, “Companies have been paying attention to cash repatriation issues, and some of them are preparing for this.â€
In addition to corporate bonds, Apple's second-largest holdings are $53 billion in cash and US Treasury bonds, and $21 billion in mortgage bonds.
Apple executives declined to comment on the US government’s move to enact a new tax policy. Luca Maestri, the company's chief financial officer, said on Tuesday that “it is very difficult for us to make predictions. We prefer to evaluate after the introduction of the new tax policy.â€
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