December 11, 2024 – According to a report released by Deutsche Bank following a meeting with Tesla’s Investor Relations head, Travis Axelrod, the electric vehicle giant is gearing up to launch its autonomous taxi service using its own fleet of cars. The report, which was published last Friday, reveals that Tesla intends to roll out the service in California and Texas next year, a goal the company had hinted at earlier in the year.
Deutsche Bank states in the report that Tesla will utilize a proprietary ride-hailing app and initially deploy remote operators for the service. “Tesla believes that, for safety/redundancy considerations, some form of remote operator will be needed at least initially,” the report reads. “Management intends to use entirely company-owned fleets and an internally developed ride-hailing app.”
Furthermore, the report mentions that Tesla remains committed to introducing a more affordable model in the first half of next year, followed by other models later in the year.
In light of these developments, Deutsche Bank has revised its target price for Tesla, raising it from 295to370. As of Monday’s close, Tesla’s shares were up 0.15%, ending the day at $389.79.
