Morgan Stanley: Robotaxi has ushered in the "iPhone moment". Buying a car with a steering wheel now is no different from choosing a "BlackBerry" in 2006.
The technology of autonomous taxis is witnessing a historic breakthrough. According to the latest research by Morgan Stanley, driven by generative AI, ultra-large-scale capital competition, and geopolitical competition, after more than a decade of ups and downs, autonomous taxis are finally ready to enter the commercialization era.
According to the Chase Trading Desk, a team led by Morgan Stanley analyst Adam Jonas said in its latest Global Auto Watch report that this technological breakthrough could have a disruptive impact on the traditional automotive market. Buying a car with a steering wheel may soon be as outdated as buying a BlackBerry in 2006.
Technological Breakthroughs Accelerate the Commercialization Process
Morgan Stanley believes that the rapid development of generative AI technology has brought a qualitative leap to autonomous driving technology. The report points out that current technological advancements have finally enabled autonomous taxi services to meet the conditions for large-scale commercialization, marking a transformative moment for this technology similar to what the iPhone brought in 2007.
Analysts said that ultra-large-scale capital investment is accelerating the maturity of this technology. Tech giants such as Tesla and Google's Waymo, as well as traditional automakers, are significantly increasing their investment in autonomous driving technology, creating a fierce technological competition landscape.
Geopolitical factors are also driving countries to accelerate the development of their own autonomous driving technology capabilities. Governments around the world regard autonomous driving technology as a key area for future transportation and technological competitiveness and have introduced support policies one after another.
Focus on Leading Automakers
Currently, global electric vehicle sales continue to maintain strong growth momentum. In June, global electric vehicle sales increased by 30% year-on-year to 1.26 million units, mainly driven by the Chinese market. In June, electric vehicle sales in China increased by 43% year-on-year, 23% in Europe, while the US market remained basically flat.
Based on an optimistic outlook for the future of autonomous taxis, Morgan Stanley maintains its "Overweight" rating on Tesla, with a target price of $410, representing a 28% upside from the current price. Analysts believe that Tesla's advantages in autonomous driving technology and data accumulation will be fully demonstrated in the new era.
The investment bank also has a positive view of other companies with competitive advantages in the fields of autonomous driving and electric vehicles.
The report emphasizes that with the popularization of autonomous taxi services, the traditional car ownership model may face fundamental changes. Consumers may be more inclined to use on-demand mobility services rather than buying private cars, which will have a profound impact on the entire automotive industry chain.
This article does not constitute personal investment advice and does not represent the views of the platform. The market is risky, and investment requires caution. Please make independent judgments and decisions.
This article is from the WeChat official account "Wall Street Insights", author: Bu Shuqing. It is published by 36Kr with authorization.