JPMorgan notes Tesla to capture nearly all robotaxi revenue

JPMorgan just tripled its Tesla price target and dropped a projection that should make anyone dreaming of passive robotaxi income from their personal Model Y reconsider their retirement plans. According to lead analyst Rajat Gupta, Tesla could generate roughly $320 billion in robotaxi revenue by 2035, and nearly all of it would flow through Tesla’s directly owned fleet, not through a peer-to-peer network where everyday owners rent out their cars while they sleep. The bank upgraded Tesla from “underweight” to “neutral” in June 2026, lifting its price target to $475 per share from a previous $145. That’s a 227% increase in target price. The fleet economics tell the story JPMorgan’s analysis centers on a straightforward thesis: Tesla’s competitive advantage lies in vertical integration, not in crowdsourcing. The company builds the cars, writes the software, and collects the fares. Tesla’s robotaxi ambitions aren’t theoretical anymore. The company launched its autonomous ride-hailing service in Austin in June 2025 and has since expanded to Dallas, Houston, and the Bay Area. Rather than flooding roads with existing Model Y vehicles, Tesla is prioritizing its purpose-built Cybercab platf...