Uber to remain primary autonomous vehicle distribution partner, says BMO Capital

BMO Capital analyst Brian Pitz keeps an Outperform rating and $92 price target on Uber (UBER) after Tesla’s (TSLA) “ambitious” Robotaxi event. Tesla CEO Elon Musk hinted that each vehicle will cost below $30K, but “scale matters” in Rideshare, and BMO believes that Tesla will need to spend about $100B to match Uber’s driver supply levels, the analyst tells investors in a research note. Musk did not discuss unit economics or plans to scale the Cyber Cab, and BMO contends that given Uber’s global presence, it expects the company to remain the “primary distribution partner” with autonomous vehicles.