05:16 AM EDT, 04/12/2024 (MT Newswires) -- Tesla's (TSLA) future is a "bit murky now" that requires Chief Executive Elon Musk to give a "clear roadmap" to the Street with Model 2 as the main component of that "strategic vision," a research note from Wedbush Securities said following the electric vehicle manufacturer's plans to unveil its Robotaxi on Aug. 8.

Model 2 is a critical element in Tesla's growth story as a sub $30,000 price point will help drive mass demand globally, Wedbush analysts, including Daniel Ives, said in the note late Thursday. About 60% of the company's growth in the next few years will come from Model 2, which was set to hit the roads by late 2025 or early 2026.

"If robotaxis is viewed as the 'magic model' to replace Model 2 we would view this as a debacle negative for the Tesla story," Ives said in the note. "It would be a risky gamble if Tesla moved away from the Model 2 and went straight to robotaxis."

"This dynamic must be conveyed to the Street on the conference call April 23," he added

Earlier this month, Tesla said it delivered 386,810 vehicles for the March quarter, compared with projections on Visible Alpha for about 454,200 units. It made 433,371 vehicles during the period, lower than the forecast for 462,100 units.

Ives said Q1 deliveries were a "nightmare" for Tesla, with China and global electric vehicle demand remaining "very soft" coming out of the gates for 2024.

Street criticism of the company is "warranted" as growth has been sluggish and margins are showing compression, with China a "horror show and competition increasing from all angles," Ives added.

Wedbush has an outperform rating on the stock with a $300 price target.