What Musk's 'Technoking' Title, Tesla's New Truck Exec Mean For Automaker's Tech, Bitcoin, Semi Plans
The Tesla Analyst: Wedbush analyst Daniel Ives has a Neutral rating on Tesla with a $950 price target.
The Tesla Thesis: The title of "Technoking of Tesla" is a hint at Musk viewing Tesla as a technology disruptor in the future, especially with robotaxis, full self-driving and massive technology advancements on the horizon, Ives said in a note.
The new title of "Master of Coin" given to CFO Zach Kirkhorn is a signal that the company will increase its Bitcoin ownership in the coming years, the analyst said.
The company may have made roughly $1.2 billion in paper profit on its bitcoin investment, he said.
Jerome Guillen moving to the heavy truck frontier is a significant strategic move, underlining Tesla's plans to double down on its semi and trucking vision over the next few years, Ives said.
Over the weekend, Tesla released a video of its new electric semi-truck prototype on the test track at Fremont, the analyst said.
"We continue to believe this is a 2022 model release that will be discussed in more detail over the coming months from Tesla as production plans start to develop."
Tesla's success in ramping its EV initiatives and demand in China for the month of March will likely catalyze shares higher, according to Wedbush.
TSLA Price Action: At last check, Tesla shares were down 0.17% to $693.52.
Photo courtesy of Tesla.
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