03:50 PM EDT, 06/20/2024 (MT Newswires) -- Tesla's (TSLA) robotaxi revenue assumptions are now affected by different scenarios where the company can be limited to certain roles rather than own and operate its own fleet, RBC Capital Markets said in a note.

The brokerage now assumes four scenarios in the business. One is where Tesla owns and operates its own fleet, but others where it is either limited to providing just the software for robotaxis or app for customers, or maybe both, but uses a different fleet operator.

Due to the different roles, RBC revisited revenue share in the business to different players. The investment firm now allocates 25% of revenue to service providers like Uber ( UBER ) and Lyft ( LYFT ), 10% to software provider, which in all scenarios is Tesla, 15% for vehicle manufacturers, and 35% to the fleet operator.

This brings RBC to lower its previous $627 billion valuation for Tesla robotaxi to $414 billion. In the US, RBC now assumes robotaxi pricing at $0.81 per mile, down from $0.96 per mile.

RBC cut Tesla's price target to $227 from $293, but maintained outperform rating. Tesla shares were down 2% in recent trading,

Price: 181.19, Change: -3.67, Percent Change: -1.99