Tesla’s Car Business Worth Only $30 a Share, Analyst Warns

Tesla is trading like a futuristic artificial intelligence powerhouse, buoyed by a recent robotaxi win.

But a closer look suggests its core business of building and selling electric vehicles is worth only a fraction of its market capitalization. Francisco Velasquez reported for Yahoo Finance.

Tesla’s rally has been fueled by reports of driverless robotaxi testing in Austin, Texas. (Photo: Tesla)

“Tesla is being viewed more and more through the lens of autonomy and energy,” Jed Dorsheimer, group head of energy research at William Blair, told Yahoo Finance’s Opening Bid.

Dorsheimer, who evaluates Tesla based on energy and infrastructure, pointed to a sharp disconnect in the company’s valuation.

“There’s really a deemphasis on the auto business, which we value in some of the sum-of-the-parts analysis that we’ve published,” he said. “It really only represents about $30 to $40 per share.”

Tesla’s stock has been on a tear, climbing more than 7 percent over the past five trading days and hitting new record highs.

Meanwhile, the Dow Jones Industrial Average and the S&P 500 have both slipped as investors digested labor data showing unemployment rose to 4.6 percent—the highest level since 2021.

Tesla’s rally has been fueled by reports of driverless robotaxi testing in Austin, Texas, and growing belief among investors that the company is successfully pivoting from a struggling EV maker into an autonomous-driving juggernaut.