Tesla’s current market capitalization remains a puzzle for traditional automotive analysts. While core vehicle delivery growth has recently flatlined, the company continues to trade at a valuation that dwarfs the rest of the industry combined. Is this a "meme stock" fueled by retail sentiment, or is the market pricing in a fundamental business shift that has yet to be fully quantified? In our latest research deep-dive, we apply private equity rigor to perform a detailed, bott

In this report we examine the robotaxi business opportunity with a focus on Tesla, covering the current state of FSD technology, unit economics and cost per mile, margin potential, the size of the addressable mobility market, and key considerations around scaling, valuation, and investment recommendations. Image courtesy of Tesla, Inc. Key Messages 1. Tesla started removing human safety monitors from its robotaxi service in Austin. But the self-driving technology is still too