Morgan Stanley says Tesla needs Robotaxi scaling proof to boost investor conviction

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โดย Investing.com·US·Read original
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Morgan Stanley told clients that Tesla will need clearer evidence its Robotaxi effort is scaling to strengthen investor conviction, following feedback after the company's second-quarter earnings. Analyst Andrew Percoco said investors remain constructive on Tesla's Physical AI opportunity, supported by stronger adoption of its Full Self-Driving software, but stronger conviction will require clearer evidence that Robotaxi is scaling and more tangible Optimus proof points to support the return on elevated capital spending. The quarter did not materially alter his long-term thesis that Tesla is positioned to lead in Physical AI, though weaker gross margins, higher research and development spending, and extended free cash flow burn have sharpened focus on measurable progress across Robotaxi and Optimus. Morgan Stanley noted the most constructive feedback centered on FSD adoption, with a 55% attach rate on North America deliveries, well above its prior 25% to 30% expectation. Investors viewed the Robotaxi disclosures as helpful on the margin but remain focused on whether Tesla can build density within existing cities while maintaining safety and improving utilization, and on Optimus the market is still looking for evidence beyond commentary around start of production. Greater conviction in the stock will depend on evidence that the Robotaxi flywheel is working, with more vehicles on the road, higher city-level density, rising weekly unsupervised miles, and improving unit economics, and Percoco called Robotaxi the nearer-term validation point for Tesla's broader Physical AI strategy.

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