Tesla Will Be A Key Winner In Autonomous Vehicle Race Says Gene Munster
Tesla Inc (NASDAQ:TSLA) will be one of the key winners in the autonomous vehicle race, Gene Munster, founder and managing partner of Loup Ventures, said Tuesday on CNBC's "Squawk Box."
What Happened: Tesla reported earnings-per-share of $0.93 and revenue of $10.4 billion on Tuesday. The company has come under scrutiny after one of its vehicles reportedly crashed with no one driving. CEO Elon Musk said on the conference call Tuesday that data showed the autopilot was not engaged. He criticized the media for stating otherwise.
Related Link: Tesla's Revenue Rises 74% To $10.4B In Q1
In terms of Tesla, investors have to look at the cash burn in context with the growth story the company is trying to build, Munster said. Full self-driving is probably three to five years away, he added.
Tesla will benefit from autonomy, he said, adding that company transformations take longer than expected, but ultimately are "more impactful than we can ever imagine."
Price Action: Tesla shares were down 3.44% at $712.66 at last check Tuesday morning.
(Photo courtesy of Tesla)
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