TLDR
- TSLA stock dropped 6% after Tesla’s Sept. 3 Cybercab event disappointed investors
- Goldman Sachs analyst Mark Delaney sees a potential $0.05 to $0.30 per-mile cost advantage for Tesla over rivals like Waymo
- Delaney maintains a Hold rating and $360 price target on TSLA
- Tesla has completed one million miles of unsupervised robotaxi operations and started Cybercab rides in Austin
- The NHTSA has opened an audit involving approximately 1,000 Cybercabs over safety compliance concerns
Tesla stock took a hit last week after the company’s much-anticipated Cybercab event failed to impress. TSLA fell 6% on September 3, the day of the event, as investors walked away with more questions than answers.
Despite the selloff, Goldman Sachs analyst Mark Delaney issued a bullish note to clients, pointing to Tesla’s potential cost advantages in the autonomous vehicle space.
Delaney argued that Tesla’s camera-only sensor system and low-cost vehicle approach could make its robotaxi business a strong cash generator. If Tesla hits its target retail price of $20,000 to $30,000 for the Cybercab, it could achieve a $0.05 to $0.30 per-mile cost edge over competitors like Alphabet’s Waymo.
Delaney does maintain a Hold rating and a $360 price target on TSLA, below the broader Wall Street consensus target of $377.08.
Tesla stock opened at $354.08 on Monday. The stock has a 52-week range of $297.38 to $498.83 and a market cap of $1.40 trillion.
What Happened at the Cybercab Event
Tesla said it has begun offering robotaxi rides and has logged one million miles of unsupervised operations. The company is also looking for operators to own Cybercab fleets and run supporting infrastructure.
Analysts and financial media largely called the event underwhelming, citing a lack of detail on manufacturing scale and commercialization timelines. Bearish commentary followed quickly, including a reiterated sell rating from GLJ Research.
Delaney noted that Tesla’s ability to scale robotaxi operations will depend more on software development and performance than on vehicle manufacturing.
Meanwhile, a large institutional buy caught attention. Jupiter Topco LLC acquired 466,647 Tesla shares in Q2, valued at approximately $196.2 million. Institutional investors now own 66.2% of Tesla.
Other big buyers in recent quarters include Norges Bank, Legal and General Group, Bank of New York Mellon, and Deutsche Bank.
NHTSA Audit Adds Pressure
The National Highway Traffic Safety Administration opened an audit covering approximately 1,000 Cybercabs. Regulators are reviewing whether a vehicle without a steering wheel, pedals, or conventional mirrors meets federal safety standards.
That probe adds a layer of regulatory uncertainty to Tesla’s rollout timeline.
On the earnings front, Tesla reported Q2 revenue of $28.24 billion, up 25.5% year over year and ahead of the $26.42 billion estimate. However, adjusted EPS came in at $0.33, missing the $0.50 consensus by $0.17.
Tesla’s Cybercab uses a motor with no rare-earth metals, which could reduce supply chain exposure. French authorities have also begun testing Tesla’s Full Self-Driving technology, a potential step toward European regulatory approval.
Analyst ratings currently stand at 22 Buy, 18 Hold, and 4 Sell, with an average price target of $401.74.
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