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Tesla Robotaxi event 'lives up to the hype,' says BofA
After Tesla hosted its "We, Robot" event in Los Angeles and showcased the capabilities of its just-revealed "Cybercab," including test drives, while also introducing the new "Robovan" and enabled participants to interact with its "Optimus" robot, BofA argued that "the event lived up to the hype." Tesla provided several target dates, including for its vehicles to start unsupervised Full Self Driving in California and Texas next year, notes the analyst. The firm, which notes that Tesla is undertaking investments in robotaxis, robotics and artificial intelligence that could require significant capital, and considering headwinds in its core electric vehicle business, says it "would not be surprised" if Tesla raised capital, which it has "historically been able to do at an extremely low cost compared to its peers." BofA reiterates a Buy rating and $255 price target on Tesla shares, which are down $15.86, or nearly 7%, to $222.91 in pre-market trading.