Morgan Stanley on Tesla (TSLA) Robotaxi: 'We had (mistakenly) expected the company to formally launch a highly automated ride-share service back in 2018'
Morgan Stanley analyst Adam Jonas reiterated an Overweight rating and $310.00 price target on Tesla (NASDAQ: TSLA)
The analyst comments "Elon Musk says Tesla will unveil its robotaxi on August 8th, an announcement that coincides with reports that the company is delaying the launch of its highly anticipated affordable Model 2 EV. We first began writing about the investment considerations of a potential Tesla robotaxi business since we began modeling ‘Tesla Mobility’ back in 2015 when Tesla’s market cap was barely $30bn. We had (mistakenly) expected the company to formally launch a highly automated ride-share service back in 2018. Nearly a decade later, we’re still waiting. August 8th will offer some important clues. While we believe Tesla has many attributes that can make it a formidable player (if not an outright winner) in the race to autonomy, we believe the more material commercial scaling of the business would be well beyond 2030. "
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Shares of Tesla closed at $172.98 yesterday.