Transcript (en)

So you think that's still called 10x in the next five years? Yes. And we think it is because we're not talking about electric vehicles anymore, which are very low margin business, gross margin. So when you take revenue and just take out costs to make the product, you're talking right now, it's only 11%. He hopes to get that into the 30s. But the burden of proof, of course, is on Tesla. It almost doesn't matter anymore, because if the robo-taxi launch is going to be successful, and if he is going to proliferate it as quickly as we believe he will, then 90% of the valuation will be because of a very high margin. It's like software as a service. So 80% plus margins for the robo-taxis and recurring revenues, which means it's not just one and done, but this is a recurring revenue model. It completely transforms the model.