Stellantis Unveils Six Low-Cost EVs, Revives Citroen 2CV for 2028

Yorkville Ives analyst Dan Ives reiterated his Outperform rating and $500 price target on Tesla, arguing autonomy, robotaxis and Optimus humanoid robots will increasingly drive the company's value. "We view Tesla as one of the clearest ways to own physical AI in the public markets," Ives wrote, adding that investors valuing Tesla primarily as an automaker are pricing a fleet rather than the platform being built on top of it. He calls Full Self-Driving the bridge between today's car business and tomorrow's autonomy business, with an attach rate above 55% on new North American EV sales, while Tesla's robotaxi service now operates in six US cities with paid miles approaching 2.5 million and a 5,000-vehicle Nevada permit gives it a path to a much larger fleet. Using a sum-of-the-parts valuation based on 2028 revenue estimates, Ives values Tesla's existing businesses at about $165 per share as a car company and assigns the remaining $335 to autonomy and Optimus, meaning roughly two-thirds of his price target rests on businesses still in their early stages. He flags risks including that only 45 Cybercabs are authorized for driverless operation in Texas, that Tesla expects about 2,500 vehicles in Nevada in year one, half of what the permit allows, and that NHTSA issued a Special Order on Cybercab's self-certification with Tesla's sworn response due September 30th.