The Future Fund Managing Partner, Gary Black, cautioned investors on Tuesday against Tesla Inc.’s (NASDAQ:TSLA) robotaxi valuations that project share prices of $2,000 or higher, arguing that such forecasts ignore market realities and competition.
“Tesla doesn’t have a first-mover advantage, has no ride-hailing marketing, and hasn’t been approved for a single autonomous deployment license in any state yet,” Black wrote on X, adding that both Uber and Lyft will likely offer fully autonomous rides concurrently with Tesla.
Black’s skepticism extends to Tesla’s upcoming Austin robotaxi launch, which he recently described as an “experiment” rather than a true market test, with only 10-20 vehicles initially deployed.
“Despite Tesla’s fleet, data, and compute advantages,” Black wrote, “regulators will ensure that others are approved soon after. And Tesla’s lack of marketing skills remains its Achilles heel.”
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