IT之家 October 10 news: According to combined reports from Yahoo Finance and Benzinga, whether Tesla's valuation can withstand the next round of scrutiny may no longer hinge on how many cars it can sell, but on how much revenue the cars already sold can continue to generate.
Yorkville Ives analyst Dan Ives believes that autonomous driving and robotics businesses are poised to transform Tesla's future, but for the 500 US dollar (IT之家 note: approximately 3,353 RMB at current exchange rates) target share price to be sufficiently supported, Tesla must still prove these businesses can generate sustained revenue.
In his latest research report, Ivesmaintained Tesla's "Outperform" rating and 500 US dollar target share price. He believes Tesla is transforming from an automaker into a"physical AI" platform。
If investors still evaluate Tesla mainly by automaker standards, they may underestimate the potential of the software and services businesses to generate revenue beyond future car sales. "We believe Tesla is one of themost direct plays on physical AI in the public markets。”
Ives believes the robotaxi business will become an important step for Teslain moving from car manufacturing to autonomous driving services. Tesla disclosed in its latest quarterly report that the cumulative paid operating mileage of its robotaxi service is approximately 4.02 million kilometers. The company is also expanding its service area and preparing to deploy the Cybercab, designed specifically for driverless operation.
The Cybercab, built specifically for driverless service, removes traditional driving controls such as the steering wheel, which is expected to reduce operating costs. However, how quickly Tesla can scale up its fleet remains constrained by production capacity, including the 4680 battery pack supply issue mentioned in Ives's research report.
Beyond autonomous driving, Ives is also bullish on Tesla's Optimus humanoid robot and energy storage businesses, believing these businesses can open up larger markets for the company and provide further support for the 500 US dollar target share price. But before it is clear how much profit they can contribute, Tesla will still need to keep investing funds.