Tesla target cut at RBC Capital after revisiting robotaxi
"We lower our TSLA robotaxi value and now allocate a bigger revenue share to Service Providers like Uber/Lyft," states the RBC Capital note. Analysts believe robotaxis will ultimately expand the total addressable market for automobiles but with more players involved.
Second, they implemented a new revenue-sharing model, allocating 25% to service providers, 10% to software providers, 15% to OEMs for vehicle leasing, and 35% to fleet operators to cover expenses and maintain a 15% IRR. They've now expanded this to four scenarios, including service providers using either Tesla's app or another company's app. Under this revised model, Tesla would capture 100% of revenue in a fully self-owned scenario but only 10% if another manufacturer's vehicle and a service provider's app were used.
RBC Capital now sees robotaxis contributing 52% of their Tesla valuation, down from a previous estimate of 68%. FSD technology is now seen contributing 27%, followed by Megapacks at 15% and core car sales at 6%.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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