Tesla’s Robotaxi unveiling a ‘historical moment’ in story, catalyst to $1T market cap: Wedbush

Tesla is set to unveil its Robotaxi on August 8 and as the automaker plans to show off what will be its driverless vehicle platform for the first time, analysts are preparing for what its impact on the automaker’s story could be.

The Robotaxi could be monumental in terms of the company’s perception of what it truly is. For years, Tesla has called itself “more than a car company,” but a face-value investor who does not know anything more than its cars will only see it as that.

Those who have followed the company intently for any period of time know Tesla has much more to offer than cars.

However, the August 8 event could be the brink of Tesla losing its reputation as “just a car company” and the beginning of a new age. It could mean the investors of today, who may not have as much detailed knowledge as others, will finally see Tesla as more than a car company, and Wedbush analyst Dan Ives says it could be the path to being recognized for what it really is:

“We continue to believe that Tesla is more of an AI and robotics play than a traditional car company…..now the rubber meets the road as the Street anticipates August 8th as a key historical day for the Tesla story.”

Ives said in his note to shareholders on Friday morning that the August 8 Robotaxi event is the first step in Tesla regaining its $1 trillion valuation.

Tesla was once a trillion-dollar company but has since cooled down to just a shade under $600 billion, at $569 billion.

What could get Tesla back up to the trillion-dollar level is what modern investors seem to be most interested in for growth: AI and autonomy.

“Ultimately, the key to reaching a $1 trillion+ valuation is the autonomous and FSD vision taking hold for Tesla, which appears to be turning a corner with this latest FSD v12.4 and now China FSD testing underway.”

Wedbush’s bull case price target for Tesla is $350, but Ives admits this figure is built around the success of FSD and autonomy, which could open the floodgates to higher stock prices.

The next part of the Tesla story truly relies on what the company brings forth in early August, and after that, it is on the automaker to execute and release a product in a timely fashion—something that has not been its strong suit in the past.

I’d love to hear from you! If you have any comments, concerns, or questions, please email me at joey@teslarati.com. You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at tips@teslarati.com.

Joey Klender: Joey has been a journalist covering electric mobility at TESLARATI since August 2019. In his time at TESLARATI, Joey has broken several big stories, including the first images of the Tesla Model S Plaid, the imminent release of the 4680 Model Y through EPA certification, and several expansions to the Lucid AMP-1 factory in Arizona, to name a few. His stories have been featured in several publications, including Yahoo! Finance, Fox News, CNET, and Seeking Alpha. In his spare time, Joey is playing golf, watching MMA, or cheering on any of his favorite sports teams, including the Baltimore Ravens and Orioles, Miami Heat, Washington Capitals, and Penn State Nittany Lions. You can get in touch with joey at joey@teslarati.com. He is also on Twitter @KlenderJoey.
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