Key Points
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Wall Street experts see potential upside for Tesla (NASDAQ: TSLA) as it focuses on autonomous driving and robotics.
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The company reported a 13% drop in deliveries and a 12% decline in revenue to $22 billion for Q2, impacting its market share, which has fallen from 16% to 10% of battery electric vehicle sales.
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CEO Elon Musk envisions a future where Tesla could achieve a $30 trillion valuation, driven by robotaxis and humanoid robots.
Tesla shares have dropped 25% year-to-date, reflecting increased competition and backlash against CEO Elon Musk’s politics. Currently, Tesla’s market cap stands at $976 billion. Analysts from Ark Invest predict the stock could reach $2,600 by 2029, representing a potential upside of 758%, while Wedbush estimates a $2 trillion valuation within a year, or a 105% increase from its current value.
In Q2 of this year, Tesla reported deliveries down 13% and revenue declining by 12%. Musk warned investors of possible challenging quarters ahead as the company ramps up its autonomous driving efforts. Although Waymo currently leads in the autonomous ride-hailing market, Musk believes Tesla’s strategy positions them for success, projecting significant revenues from both robotaxi services and humanoid robots, with potential market opportunities estimated at $1.7 trillion by 2040 and $10 trillion, respectively.
