Tesla HQ moves to Texas, General Motors details ambitious EV revenue projections

Yahoo Finance's Brian Sozzi and Julie Hyman discuss the latest news in the automotive industry, including Tesla announcing moving its headquarters from California to Texas during its shareholder meeting, plus General Motors lays out plans to focus on electric vehicles and generate billions in revenue by 2030.

Video Transcript

JULIE HYMAN: Brian Sozzi, as we watch this here this morning, it's not the only thing that we're watching, of course. We also want to talk about Tesla because Tesla had that investor meeting yesterday. And as some expected, the biggest announcement, seemingly, that came out of it is that Tesla is moving to Texas-- to Austin, Texas. And maybe this isn't material, but, you know, it says something sort of culturally about the company and about corporate America more broadly. What stood out to you, either about that announcement, or just generally about the meeting?

BRIAN SOZZI: One, that I think some of these investor days for Tesla are losing their luster. I mean, let's keep in mind when Tesla had its Battery Day a couple of months ago, this event was super hyped by the street. And then the stock came out the next day and really fell through a trapdoor. I think it fell about 10%. In just another session here, I mean, Tesla shares up a little bit after their investor day yesterday. No really board shakeup. You know, Elon Musk really, I think, reiterating that the chip supply shortage will be a headwind to the business, though revenues, he is still projecting for about 50% growth for the foreseeable future. I mean, Tesla's stock is not even on the Yahoo Finance trending ticker page right now after this overly hyped investor day.

If anything, Julie, what I'm most excited about this event is about the new-- the cyber ATV, which I know you're pretty pumped up about. But that will be apparently made alongside the cyber truck. And now if you're trading shares of Polaris out there, might want to be worried here. I mean, here comes Tesla with ATVs.

JULIE HYMAN: I mean, not unless you're trading with, like, a on 5 to 10 year time horizon. I mean, when are they making the cyber truck?

BRIAN SOZZI: As you should always be. As you should always. Always look for the long-term. Stocks always go up or down over the long-term.

JULIE HYMAN: OK, But. My point is, when is this cyber truck coming?

BRIAN SOZZI: Big question mark.

JULIE HYMAN: Anyone? Anyone?

BRIAN SOZZI: Supposed to be-- supposed to be early next year.

JULIE HYMAN: One more thing that did come out of that meeting, by the way, is that Elon Musk is set to make even more money potentially. The board approved his compensation package, so he can get big, big stock awards based on market cap increases for Tesla and other financial targets. So news flash, Musk going to get more rich potentially.

General Motors, by the way, also had its investor day yesterday. And I know you expressed some early skepticism about its target, speaking of overhyped. Perhaps, the company says, its EV revenue is going to grow and double, right? Or its revenue overall is going to double in part because of EVs. But look at that target. $10 billion to $90 billion. Is there anything that came out over the course of the day, also, that we should be paying attention to?

BRIAN SOZZI: Yeah, that's right. GM thinking it's just the single only automaker on a global scale here that's going to be making EVs. Very aggressive target out there by GM. But I will say this, they did win-- they appeared to win over some investors here. GM stock is up about 7% so far this week.

I think a lot of investors are trying to give GM the benefit of the doubt here despite, really, a decade plus of disappointing investors here. GM execs, at least for now, appear to have done their job, get a little re-rating in that stock, and a little respect, and a little love for all the investments they're putting to EVs. So this week, they won-- they won the war, but can they win the battle longer term? Can they deliver on these targets here? That is to be determined.

JULIE HYMAN: Indeed. All right, we're going to take a quick break.