11:04 AM EDT, 10/11/2024 (MT Newswires) -- Tesla's (TSLA) Robotaxi event lacked data on the progress of Full Self-Driving, or FSD, technology, ride-sharing economics, and the company's go-to-market strategy, Morgan Stanley said in a note Friday.

The analysts said there were some key expectations regarding what the market might learn through the event including information on the "rate of change" of the FSD system, measurable improvements like miles driven without disengagement, insights into a go-to-market strategy for ride-sharing services, details on the relationship between Tesla and xAI, and possibly a discussion of "Master Plan 4."

Morgan Stanley analysts said they were "overall disappointed with the substance and detail of the presentation" and expect Tesla "to be under pressure following the event."

Tesla's management stated that the cost its cybercabs is below $30,000 per vehicle, or about $0.20 per mile, which aligns with the analysts' estimates predicting $0.18 per mile, according to the note. The analysts added that this indicates Tesla's potential cost advantage over Uber's ( UBER ) vehicles and Waymo's cars. "The extent to which Tesla could offer a scaled autonomous offering faster than either player therefore represents a threat, but there was nothing last night to make that a larger threat."

Morgan Stanley has an overweight rating and a $310 price target on Tesla. The company's shares fell about 6.6% in recent trading activity.

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