TSLA: Investor Feedback - SpaceX/Tesla combination and robotaxi rollout

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TSLA: Investor Feedback - SpaceX/Tesla combination and robotaxi rollout

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Tom Narayan (Analyst)

Thomas Ito, CFA (Senior Associate)

July 8, 2026

Tesla, Inc.

Investor Feedback - SpaceX/Tesla combination and robotaxi rollout

NASDAQ: TSLA | USD 402.90 | Outperform | Price Target USD 500.00

Sentiment: Neutral

We have been receiving investor inbounds on our Tesla note on a potential SpaceX combination (see report). Most are either

related to the legal dynamics of a merger, or to the company's robotaxi rollout.

1) Does the change in legal jurisdiction to Texas from Delaware for Tesla have any impacts on takeover rules?

Yes, our understanding is that it makes deal approval much easier. Texas does not impose Delaware's ''majority of the minority,''

rule whereby a committee of the disinterested, consisting of independent members, would have to approve the transaction. This

is what took place when Tesla acquired Solar City, and it was domiciled in Delaware. In Texas, an interested director can be present,

counted towards a quorum and vote on the transaction.

2) Does Tesla's Board have to vote on a merger/takeover, or would it be a shareholder vote?

There would be a board vote first and if the terms are approved, it would then go to shareholders for a vote.

3) Will CEO Musk be required to recuse himself, or would he be involved on both sides?

Given the Texas domicile, we don't think CEO Musk would have to recuse himself from the process. In any event, he has ~20%

voting control at Tesla, so we still believe Tesla's Board could require a purchase premium if SpaceX intends to acquire Tesla.

4) Will Tesla's custom chips be a catalyst for increased robotaxi fleet deployment?