01:08 PM EDT, 10/08/2024 (MT Newswires) -- Tesla (TSLA) is expected to unveil a purpose-built vehicle during its Robotaxi Day on Oct. 10 that it plans to use as part of self-driving taxi service, RBC Capital Markets said Tuesday in a note.

"Tesla will likely make the case that it can control the entire ecosystem" including the app and software for robotaxi operations, and unveil a full-service offering similar to the autonomous ride hail models currently employed by Waymo and Cruise, according to the investment firm.

RBC also expects Thursday's event to include "ambitious" financials with total addressable robotaxi market valued at trillions of dollars. RBC sees robotaxis generating $1.7 trillion in revenue globally by 2040 and several players capturing market share, including fleet operators, app providers, car-makers, and software developers.

"For the first time, [the company] will highlight a business that represents $153 billion of revenue for Tesla, 63% of our valuation," RBC said.

RBC raised its price target for Tesla to $236 from $224 with an outperform rating.

Tesla shares were nearly 2% higher in recent trading.

Price: 244.94, Change: +4.11, Percent Change: +1.71