Tesla Motors: Tesla adds another robotaxi market and scales Texas fleet ahead of 2Q earnings

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Tesla Motors: Tesla adds another robotaxi market and scales Texas fleet ahead of 2Q earnings

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Tesla Motors

Tesla adds another robotaxi market and

scales Texas fleet ahead of 2Q earnings

Reiterate Rating: BUY | PO: 460.00 USD | Price: 391.06 USD

Focus on robotaxi as Miami launches & Texas fleet scales 17 July 2026

We think investor focus for TSLA 2Q earnings will remain on its robotaxi deployments, Equity

particularly the pace of fleet scaling and new markets. TSLA now operates in 5 markets

following its 7/3 launch in Miami (although SF remains with a safety driver), with 4

Key Changesadditional markets in preparation, vs. its original target of 9 cities by 1H26. TSLA’s

Texas fleet continues to scale rapidly, adding over 100 vehicles over the past month (to (US$) Previous Current

175), the fastest growth out of the operators we track, which alongside new 2026E Rev (m) 103,413.6 107,779.6

deployments should help ease investor skepticism around TSLA’s vision only approach. 2027E Rev (m) 120,435.8 126,204.5

Safety data remains compelling with 22 incidents through mid-June since inception, with 2028E Rev (m) 137,231.9 144,041.5

no serious injuries or fatalities. Based on a San Francisco pricing study we did in June, 2026E EPS 1.99 2.13

TSLA was 21% cheaper on avg. compared to Waymo/Uber/Lyft but ETAs were 3-4x 2027E EPS 2.61 2.71

higher, indicating demand exceeds supply (see Auto 2.0 Tracker note here). 2028E EPS 3.25 3.39

Core auto business gaining share as deliveries accelerate

TSLA reported 2Q deliveries of ~480K, well above consensus of ~406K and up 25% y/y. AlexanderResearch AnalystPerry

This compares to S&P forecasts for global BEV sales growth of 15% y/y, suggesting BofAS

TSLA gained ~95bps of BEV share. TSLA should be able to sustain U.S.