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Tesla stock valuation more dependent on robotaxi than the core auto business: WF

August 16, 2024 9:06 AM EDT

Tesla's (NASDAQ: TSLA) stock valuation is increasingly tied to its robotaxi business rather than its core automotive operations, according to a recent analysis by Wells Fargo.

The bank's note highlights that while Tesla has traditionally been seen as somewhat insulated from broader automotive market pressures, this may no longer be the case.

Wells Fargo analysts noted that Tesla's deliveries, which... More