Investing.com — Tesla (NASDAQ:) will be hosting its much-anticipated Robotaxi Day on Thursday, Oct. 10, an event that Wedbush analysts think “marks a new chapter of growth around autonomous, FSD, and AI future” at the electric vehicle (EV) giant.
“We continue to believe Tesla is the most undervalued AI name in the market and we expect Musk & Co. to unveil some “game-changing” autonomous technology at this event,” they noted.
At the “We, Robot” event, Wedbush analysts expect Tesla and Elon Musk to provide significant updates on the much-anticipated Robotaxi project, rumored to be named the “Cybercab,” during their presentation.
They believe the announcement will shed more light on Tesla’s Next-Gen Platform, advancements in Full Self-Driving (FSD) technology, and AI, with Tesla likely outlining its Robotaxi strategy for the upcoming year.
Key updates are expected to include details on Cybercab scaling, cost-per-mile projections, the potential launch of a Tesla ride-share app, and a Generation 1 demo of the company’s groundbreaking urban transportation technology.
Analysts view this as one of the most highly anticipated events in the industry, expecting Musk to address both the immediate concerns of investors and Tesla’s long-term vision. They see this as a second major transformation for the company, following the overhaul of Model 3/Y production.
“We firmly believe that Tesla remains a robotics/AI play in the future rather than just an EV vendor,” the analysts noted, maintaining their Outperform rating on Tesla stock and $300 price target.
Tesla’s focus on FSD and AI continues to gain momentum, with over 1.5 billion miles logged in its data centers. The launch of FSD version 12.5 in September brought notable updates, and version 13 is expected by year-end, promising a 6x improvement in miles-per-intervention, up from the current 3x in version 12.5.
Moreover, the new version is expected to feature advanced capabilities, such as autonomous parking and reversing, as Tesla enhances its FSD technology. Optimus, Tesla’s humanoid robot, is also drawing increased attention from investors, with the company eyeing external sales by 2026.
Tesla shares have underperformed the broader market in 2024, losing around 3% year-to-date, compared to the ’s gain of 21.4%.
