Tesla's EV Business Isn't the Star Anymore -- but It's Still the Whole Stage

Core Viewpoint - Tesla's electric vehicle (EV) business remains crucial despite the growing focus on robotaxis and humanoid robots, as it underpins the company's broader ambitions and financial stability [1][2][10]. Financial Performance - Tesla's EV business generates significant cash flow that funds other initiatives, including full self-driving development and factory expansion [5][12]. - The company has established that EVs have mass-market demand and can be manufactured efficiently, which has shifted the debate towards their role in a larger ecosystem [4][11]. Market Position - Tesla's existing vehicle fleet serves as a global deployment platform for autonomy, providing a competitive advantage in rolling out autonomous technology [7][8]. - While competitors like Alphabet's Waymo excel in specific environments, they lack Tesla's mass-manufacturing capabilities and integrated software solutions [9]. Investor Perspective - The perception that the EV business is less important is psychological; its performance is critical for funding long-term projects and maintaining balance-sheet flexibility [10][11]. - Investors should focus on the EV business's performance in the coming years, as it remains the foundation for Tesla's future growth and innovation [13][14].