‘This Is A Different Musk:’ Wedbush's Dan Ives Calls Tesla’s June Robotaxi Rollout A ‘Watershed Moment’

Wedbush analyst Dan Ives said Tesla’s upcoming robotaxi launch in Austin marks a significant turning point for CEO Elon Musk and the company, calling it a “watershed moment” in its push toward autonomy and robotics.

“Look, I just continue to believe this is a doubling down in terms of autonomous, Robotaxi [in] June [in] Austin, I view as a watershed moment for Tesla,” Ives told CNBC. 

“And he’s [Musk] not backing away. If you look at the future — we believe it’s a trillion dollars of market cap — that ultimately, is really into what I view as autonomous and robotics, and I think you feel more bullish after hearing Musk.”

Reflecting on Elon Musk’s recent CNBC interview, Ives noted a clear tone shift. “Go back to a month ago, this is a different Musk than we saw over the last one [or] three months. I mean, dedicated, focused on Tesla’s next initiative.”

Heading into Wednesday’s market opening, retail sentiment for Tesla was ‘bullish’, as investors digested comments from the analyst and the CEO’s virtual remarks at the Qatar Economic Forum in Doha. 

Asked about the challenge of justifying Tesla’s hefty valuation, Ives pointed to signs of recovery. 

“I think it’s important, first off, that in terms of China, you actually start to see a rebound,” he said. 

“I think Musk recognized that in Europe, we talked about that brand damage," he added, referring to his earlier call for Musk to leave the Trump administration. 

“It’s now important to actually build back some of that growth. And that’s the first step.”

He added, “And that’s why I think the stock’s had a huge move, because leaders lead, he’s back to being CEO of Tesla, and I continue to say Musk is Tesla, Tesla is Musk.”

As Tesla prepares to launch its robotaxi service with about 10 vehicles in Austin next month, Ives emphasized that broader expansion will follow. 

“Ultimately, it starts off [in] pieces. Austin, one piece. Rolling it out further to other cities and other pieces, showing in terms of interventions, again to level 4 and fill it on it, that’s another piece.”

“I mean, when you look out, if they’re successful, I mean, 90% of the value, future value, will be ultimately autonomous and robotics, but it all starts in June,” he said.

Tesla stock is down more than 11% year-to-date.  

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