SIASUN(SZ:300024) Goldman Sachs·2025-06-24 02:28Investment Rating - The report assigns a Neutral rating to Tesla Inc. with a 12-month price target of $285, indicating a potential downside of 18.3% from the current price of $348.68 [16][19]. Core Insights - The launch of Tesla's robotaxi operations is seen as a significant step towards addressing the autonomous vehicle (AV) rideshare market, with an estimated market size of approximately $7 billion in the U.S. by 2030 [13]. - Initial user feedback on the robotaxi rides has been largely positive, highlighting smooth driving experiences, although some navigation issues were reported [4][6]. - The comparison with Waymo indicates that Tesla's operational area and service hours are currently more limited, which may affect its competitive positioning in the AV market [7][10]. Summary by Sections Robotaxi Launch Performance - Initial rides have shown a good degree of drive smoothness, with users noting features like a customer support button and personalized preferences [4][6]. - A navigation error was reported where a vehicle incorrectly used a left turn lane, raising concerns about the technology's readiness [6][10]. Comparison with Waymo - Tesla's robotaxi operates in a smaller area and has limited hours (6 am to midnight) compared to Waymo's 24/7 service in a larger operational area [7][10]. - Pricing for Tesla's rides is set at a flat fee of $4.20, while Waymo's pricing varies like traditional Uber rides [7]. Scaling and Future Outlook - The presence of a Tesla employee in the vehicle and the reported navigation issues suggest that scaling will be slow in the near term [10]. - Regulatory developments will be crucial for the speed of scaling, with Texas recently signing a bill requiring permits for robotaxi operations [11]. - The report includes a discounted cash flow (DCF) analysis for Tesla's robotaxi business, indicating a wide range of potential value per share depending on scaling and margin differentiation [14][16].