What is the current status of Tesla's robotaxi service?

Tesla's robotaxi service has accumulated only around 7,000 miles since its launch on June 22, with a fleet of just 10-20 vehicles currently in operation.

How do analysts view Tesla's robotaxi potential?

Despite the slow initial rollout, major investment firms like Deutsche Bank and Cantor Fitzgerald remain bullish on Tesla's long-term robotaxi potential, with both firms reiterating "Buy" or "Overweight" ratings on the stock.

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Tesla's Robotaxi Service Expands Slowly, Firm Sticks with Stock

Q: Where does Cantor Fitzgerald expect Tesla to expand its robotaxi service?

Cantor Fitzgerald analyst Andres Sheppard anticipates that Tesla will expand its robotaxi service into the Bay Area in the third quarter of 2023, followed by potential expansion into Arizona, Nevada, and Florida by 2025 or 2026.

30 Jul

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Summary

Deutsche Bank reiterates "Buy" rating on Tesla with $345 price target
Tesla's robotaxi service has accumulated only 7,000 miles since June 22 launch
Cantor Fitzgerald expects robotaxi expansion into Bay Area in Q3, other regions in 2025/2026

Tesla's Robotaxi Service Expands Slowly, Firm Sticks with Stock

According to recent reports, Tesla's (NASDAQ:TSLA) robotaxi service is currently still in the early stages of development, having accumulated only around 7,000 miles since its launch on June 22. The electric vehicle company is operating a fleet of just 10-20 vehicles for this service at the moment.

Despite the slow initial rollout, major investment firms remain optimistic about Tesla's long-term robotaxi potential. On July 28, Deutsche Bank reiterated its "Buy" rating on the stock with a $345 price target, stating that "more patience" is needed for the robotaxi service to fully materialize.

Meanwhile, Cantor Fitzgerald analyst Andres Sheppard also reiterated an "Overweight" rating on the same day, with a $355 price target. Sheppard anticipates that Tesla will expand its robotaxi service into the Bay Area in the third quarter of 2023, followed by potential expansion into Arizona, Nevada, and Florida by 2025 or 2026.

While Tesla's autonomous driving technology and robotics initiatives remain a key focus for investors, the company's core electric vehicle business continues to be the primary driver of its stock performance. As the robotaxi service gradually scales up, Tesla's long-term investors are expected to closely monitor the progress and potential impact on the company's overall growth.

Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.