Tesla Stock Investors: Elon Musk Expects 99% Market Share in This Trillion-Dollar Industry
Tesla (NASDAQ: TSLA) reported dismal financial results in the first quarter. Every metric of consequence -- deliveries, revenue, operating margin, and earnings -- declined as the company lost market share across China, Europe, and the United States.
But CEO Elon Musk still had good news for shareholders on the earnings call. Tesla is on track to launch its first robotaxi service in Austin, Texas, by June, and Musk predicted the company would eventually have "99% market share or something ridiculous."
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Here's what investors should know.
Several industry experts think autonomous ride-sharing will be a trillion-dollar market
Autonomous driving technology promises to revolutionize mobility by replacing human drivers with artificial intelligence (AI) software, which should improve safety and reduce costs. Straits Research says the ride-sharing market will exceed $820 billion in 2033, but some industry experts think cost efficiencies arising from robotaxis will ultimately result in a bigger market by encouraging more people to participate.
For instance, Morgan Stanley recently wrote, "Assuming that the autonomous providers are paid per mile that they drive, the industry could have an addressable market of over $1 trillion per year just in the U.S." Similarly, Uber CEO Dara Khosrowshahi recently said, "The U.S. market alone is a trillion-dollar opportunity." And Ark Invest thinks the global robotaxi market will reach $11 trillion by 2030.
Waymo is currently the market leader, but Musk expects Tesla to dominate the robotaxi market
Alphabet subsidiary Waymo is currently the market leader in autonomous ride-sharing. It first commercialized robotaxi services in Phoenix in 2020 and has since expanded to San Francisco, Los Angeles, and Austin. Waymo will launch in Atlanta later this year, with additional launches in Miami and Washington, D.C., scheduled for 2026. The company currently provides 250,000 rides per week in the U.S.
Comparatively, Tesla will launch its first autonomous ride-sharing service in Austin by June, followed by other U.S. cities shortly thereafter. While Waymo has a formidable head start, Elon Musk thinks Tesla will eventually have 99% market share. His confidence is based on the data advantage derived from having millions of sensor-equipped cars on the road and the scalability of its full self-driving (FSD) platform.
"The more training data you have, the better the results," Musk told analysts on an earnings call in 2023. "Tesla has more vehicles on the road that are collecting this data than all of the other companies combined." That advantage should theoretically let the company develop superior AI models for its autonomous driving software.
Also, Waymos are equipped with numerous sensors -- cameras, radar, lidar, and audio receivers -- that increase costs and limit scalability. Equipment alone on the fifth-generation robotaxis costs as much as $100,000, according to Waymo CEO Dmitri Dolgov. Additionally, lidar requires the company to meticulously map each city before its robotaxis can navigate the streets. That means Waymo cannot simply launch in a new city without considerable work beforehand.
Comparatively, Tesla says its Cybercab (a dedicated robotaxi) will cost less than $30,000 because its FSD platform is powered only by cameras and computer vision. That approach is also more scalable. Once FSD is perfected, Tesla should be able to push updates to cars in any metropolitan area and commence robotaxi operations immediately. That explains why Musk believes the company will eventually dominate the market.
Having said that, investors should bear in mind that Tesla has frequently overpromised and underdelivered. In 2019, Musk predicted the company would have a million robotaxis on the road in the next year. Five years have passed, and Tesla has yet to put a single driverless taxi on the road, but this time could be different. Musk says full autonomous rides are coming to Austin in June.
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Perpetua Resources Announces US$300 Million Bought Deal Financing and US$100 Million Private Placement as part of Comprehensive Financing Package for Stibnite Gold Project
BOISE, Idaho, June 11, 2025 /CNW/ - Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA) ("Perpetua Resources" or the "Company") announced today that it has entered into an agreement with National Bank of Canada Financial Markets and BMO Capital Markets, on behalf of themselves and a syndicate of underwriters (the "Underwriters") under which the Underwriters have agreed to purchase, on a bought deal basis, 22,728,000 common shares, no par value, of the Company (the "Common Shares") at a price of US$13.20 per Common Share (the "Offering Price") for aggregate gross proceeds of approximately US$300 million (the "Offering"). National Bank of Canada Financial Markets and BMO Capital Markets are acting as joint lead bookrunning managers for the Offering. In connection with the Offering, Paulson & Co. Inc. has entered into an agreement to purchase US$100 million of Common Shares in a private placement (the "Private Placement") at the Offering Price. 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The words "estimate", "plan", "anticipate", "expect", "intend", "believe" "target", "budget", "may", "can", "will", "would", "could", "should", "seeks", or "scheduled to" and similar words or expressions, or negatives of these terms or other variations of these terms or comparable language or any discussion of strategy or intention identify forward-looking statements. Forward-looking statements address activities, events, or developments that the Company expects or anticipates will or may occur in the future and are based on current expectations and assumptions. Forward-looking statements in this news release relate to, among other things, the completion of the Offering and the terms thereof, the closing of the Offering, the intended use of proceeds of the Offering and the strategic vision and objectives for the Company and expectations regarding exploration potential. 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The occurrence of one or more of the events or circumstances described alone or in combination with other events or circumstances may have a material adverse effect on the Company's business, cash flows, financial condition, and results of operations. Please see our "Risk Factors" outlined in our Annual Report on Form 10-K for the year ended December 31, 2024, and other reports we have filed with the SEC for more information about these and other risks. You are cautioned against attributing undue certainty to forward-looking statements. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Although these forward-looking statements were based on assumptions that the Company believed were reasonable when made, you are cautioned that forward-looking statements are not guarantees of future performance and that actual results, performance, or achievements may differ materially from those made in or suggested by the forward-looking statements in this news release. In addition, even if our results, performance, or achievements are consistent with the forward-looking statements contained in this news release, those results, performance or achievements may not be indicative of results, performance or achievements in subsequent periods. Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statements made in this news release speak only as of the date of those statements. Readers cannot be assured that the Offering will be completed on the terms described above, or at all. 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