Tesla Robotaxi: Innovation or Stock Price Booster?

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As the safety of Tesla's Robotaxi is emphasized, a prominent Wall Street Tesla bear has criticized the project as a "means to boost stock prices," escalating the controversy.

According to crypto news outlet Finbold on June 17 (local time), Gordon Johnson, founder and CEO of GLJ Research, questioned claims of Robotaxi safety based on data from the U.S. National Highway Traffic Safety Administration (NHTSA). While previously released data showed Tesla Robotaxis operating without at-fault accidents for the past four months, Johnson argued that this figure is not significant considering the fleet size.

He pointed out that the current autonomous vehicle fleet numbers only 31, with only 14 vehicles operating completely driverless. He also emphasized that the vehicles operate in a geofenced environment, limited to specific areas, and that personnel capable of remote intervention are on standby. GLJ Research stated that the Robotaxi project is effectively a "stock price pump," especially noting that the size of the autonomous vehicle fleet, which was expected to expand to approximately 140 by the end of 2025, is actually decreasing.

Robotaxi safety concerns have also been raised in reports from other media outlets. Finbold cited EV specialized media Electrek, reporting that the lower number of Tesla accidents compared to competitor Waymo might also be a result of differences in fleet size. Additionally, Reuters reported in May that Tesla may have distorted its own safety reports, and the matter has attracted the attention of the U.S. Senate. There are also suspicions that misleading information may have been provided to European regulatory authorities.

Stock price trends also suggest weakening investor expectations. Tesla's stock is trading at $404.66, down 7.63% since 2026, and the approximately 20% rally seen after the April earnings announcement expectations and subsequent filing did not last. The market believes that expectations for Full Self-Driving (FSD) and Robotaxi commercialization are weakening due to repeated schedule delays. The latest schedule also has the commercialization pushed back to at least Q4 2026.

Wall Street's view is also gradually cooling. GLJ Research maintained its price target of $24.86, even while acknowledging the potential for increased deliveries in the core automotive business. The media also reported that renowned investor and fund manager David Giroux recently stated that Tesla can no longer be considered a 'Magnificent 7' company, and has instead included semiconductor company Broadcom in that position.

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