Tesla Set To Topple Ford and General Motors In Revenue By 2027, Says Analyst

Benzinga2023-08-07

ZINGER KEY POINTSTesla's revenue will likely overtake Ford and GM by 2026 and 2027, respectively, says Future Fund's Gary Black.Black models 2024 volume growth of 53% and EPS of 5.40 for Tesla in 2024...

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Ford and General Motors will likely to see 2% and 4% revenue growth per year for the same time frame, he said.Tesla’s top line will steamroll past Ford by 2026 and GM by 2027, the analyst said.Black also said Tesla, with its 24% expected revenue growth and 28% expected earnings growth, should be valued more like a tech company rather than an auto company.“Future expected growth rates drive P/Es – not the category in which one competes,” he added.Street Numbers Fall Short: Tesla is having a number of growth drivers in the near term, Black said. The company is prepping for the launch of the next-gen \"Highland\" Model 3 over the next few weeks, he said.In anticipation of the launch, the company has pushed back all Model 3 delivery timelines in Europe to the fourth quarter, with Model 3 Performance deliveries extended to Jan. 2024, he added.Black noted that the refreshed Model-3 is rumored to resemble a small Model S. “Between refreshed M-3, Cytruck launch, FSD Alpha V12 L4 autonomy, and new $7,500 instant EV rebate, starting 1/1/2024, TSLA 2024 Street volume growth remains way low,” he said.The fund manager expects Tesla's 2024 volume growth to be 53%, nearly double the Street's growth estimate of 27%. He also said he expects 2024 earnings per share of $5.40, well above the consensus of $4.70.Tesla ended Friday's session down 2.11% at $253.86. 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