To Tesla’s credit, Reiss said there’s a lot of good technology within the car ― its steer-by-wire electronic steering system that eliminates the mechanical connection between the steering wheel and the wheels, for example, and an interesting flat-bottom steering wheel design, both of which other car manufacturers have also been experimenting with.

A surprise lift in automotive margins reversed the damage from the Robotaxi fallout, but its valuation is now far above even AI stars.