Adam Jonas, an analyst who works for the Morgan Stanley bank account, is an expert when it comes to Tesla. The latter has just announced that the company founded by Elon Musk could be interested in the future in eVTOL, these electric planes with vertical take-off and landing.
Here is the content of the note written by Adam Jonas on this subject: “In our opinion, the possibility that Tesla will ultimately not offer products and services to the eVTOL / UAM marketplace is low. The potential transferability of skills and network adjacencies are too strong to ignore. ” Adam Jonas specifies, however, that Elon Musk does not agree with this idea, but the latter has already mentioned in the past his ambitions regarding the design of an eVTOL.
Elon Musk is not thrilled by the concept
Elon Musk has nothing against eVTOL he just criticizes the direction taken by the market. Indeed, the billionaire believes that these electric planes look too much like flying cars and air taxis. The billionaire even goes so far as to explain that in the long term these flying objects in an urban environment will constitute a danger to safety and increase noise pollution.
To this day, Musk seems to favor building tunnels with his company The Boring Company, rather than going through the sky. Yet Adam Jonas does not lose sight of his analysis and has even simulated what the impact of an eVTOL involvement on the valuation of Tesla could represent.
Jonas writes: “What could a share of the eVTOL / UAM TAM be worth to Tesla? We ran a series of scenarios by varying the market share and EBITDA margin assumptions based on our global eVTOL / UAM model (a $ 9 billion TAM by 2050… yes… 2050). With a per share discount, we arrive at potential preliminary results of around $ 100 per Tesla share at the low end and around $ 1,000 per Tesla share (or more) at the high end. “