Where Will Tesla Be in 10 Years?

(NASDAQ: TSLA) is now one of the largest companies in the world, with a market cap of more than $1 trillion. Much of Tesla's valuation stems from its automaking business. Its Model Y and Model 3 vehicles are consistently some of the highest-selling EVs in the U.S. And with EV sales still representing less than 10% of total U.S. vehicle sales, significant growth is yet to come.

But Tesla's long-term future won't be dominated by making vehicles. In fact, over the next 10 years, there's a brand new business segment that could be worth more than $1 trillion on its own.

Tesla's leader, Elon Musk, has been teasing a robotaxi business for years. The pitch is simple: Any Tesla owner can essentially rent out their vehicles at any time, earning profits while they otherwise wouldn't be using the vehicle. This would make buying and owning a Tesla significantly more attractive. Businesses could be formed to buy hundreds or even thousands of Teslas for the purpose of renting them out. Tesla has also signaled plans to produce vehicles specifically for this purpose.

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Source Fool.com