How investors should look at the new Tesla as it leaves EVs behind
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Many investors have danced around a growing debate about Tesla (TSLA) and its shares for much of the last two years.
Should Elon Musk’s EV creation now be considered a car company? Or should it be seen as a pure-tech play whose future will depend on humanoid robots, robotaxis and advanced chip manufacturing?
An argument could be made that Tesla’s extremely high valuation reflects the view that the company is not an automaker anyway. The stock’s forward price-to-earnings ratio of 196 times is more focused on technology growth stocks than the single-digit multiples seen at traditional automakers General Motors (GM) and Ford (F).
But today I’m here to officially announce it.
I believe that as of February 1, 2026, Tesla should no longer be considered an automaker. Stop sweating those monthly delivery reports that will suck for 2026 as they did for 2025.
In fact, I think it’s reasonable to assume that in less than three years, Tesla will no longer be making passenger cars and SUVs.
I can see the company making Tesla semi-trucks and maybe a few special versions of the new Roadster for rich people.
Use Yahoo Scout From AI (below), you can see that the main drivers of Tesla’s future valuation will be very different from what it has achieved in the past.
The entire company will consist of humanoid manufacturing, robotaxi manufacturing, energy production, chip making, and whatever else Musk has in store in conjunction with high-margin software.
Where does this call come from? The tea leaves have fallen on Musk’s earnings release this week.
Now let me say this: I liked that Musk was more emotional on Tesla’s earnings call, I liked that he thought we were entering an age of incredible abundance, and I appreciated that he got upset when he talked about scrapping the Model S and Model X and using factory lines to make the aforementioned humanoid robots.
Maybe the Cybertruck should be next; Who wouldn’t hate trying to park next to one of these monsters?
So why did investors like the quarter in which total deliveries fell 16%? Because people don’t want electric cars?
He told us that Tesla is about to embark on a major, potentially more lucrative restructuring:
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He changed the company’s mission statement to “incredible abundance.” He started the conversation with this.
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He said he wanted to make a chip out of something called TerraFab. It would cost billions of dollars to do so, but Tesla supporters see it as the ultimate long-term bullish indicator.
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Scraps Model S and X to build robots.
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This year is the year of the robotaxi production ramp.
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I haven’t heard anything about new Tesla models aimed at passenger ownership, but the company has dropped plans to launch the new Roadster in April.
