10:04 AM EDT, 10/11/2024 (MT Newswires) -- Tesla's (TSLA) Robotaxi event showcased Cybercabs, the Optimus robot and unsupervised driving tech, which will guide the company's transition from an electric car maker to a "AI/Robotics/Disruptive Tech mobility player," Wedbush said in a note Friday.

Tesla is progressing towards fully autonomous driving, with plans to launch unsupervised full self-driving in California and Texas by 2025, the investment firm said citing Chief Executive Elon Musk's presentation.

The Cybercab is expected to be a major part of the company's business, contributing up to 20% of its overall profits by the end of the decade, with production ramping up to 100,000 Cybercabs by 2027, Wedbush said.

Despite investors' concerns over the lack of details, which may temporarily impact Tesla's shares, Wedbush said it believes last night's firsthand experience with the Cybercab and significant improvements in Optimus prove the event was far from a disappointment.

The absence of any mention of the highly anticipated, more affordable Model 2 has raised concerns among some bearish investors, but this model will likely be produced in H1 2025 with deliveries by the end of 2025 at a sub-$30,000 price, Wedbush noted.

Wedbush maintained an outperform rating and $300 price target for Tesla.

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