Tesla robotaxi event brought ‘little substance,’ says Wells Fargo

Wells Fargo says Tesla’s robotaxi event last night was mostly “razzle-dazzle” with “little substance.” The firm reiterates an Underweight rating on the shares with a $120 price target CEO Elon Musk expects unsupervised testing to begin in 2025 and targeted operating costs of 30c-40c per mile, but the company provided few details, the analyst tells investors in a research note. Wells adds that Tesla did not outline the regulatory timeline reiterated its vision-only technology. “The event succeeded in fostering excitement but offered little substance.,” the firm writes. It expects company fundamentals will come back in focus.