"Not just a car company" Tesla's valuation logic is changing: betting on autonomous driving and robotics, while reducing the proportion of the automotive business.

"The corresponding stock price for this business is only around $30 to $40 per share." This brief assessment comes from five-star analyst Jed Dorsheimer of William Blair, highlighting a significant shift in the market's valuation logic for Tesla stock. While the electric vehicle business remains Tesla's main source of revenue, Dorsheimer believes that investors are now more inclined to view Tesla as an artificial intelligence and robotics technology company. "I believe the market's valuation of Tesla is increasingly focused on autonomous driving and energy businesses... In our segmented sum-of-the-parts valuation analysis, the importance of the automotive business has actually been weakened, with the corresponding stock price for this segment being only $30 to $40 per share." In Dorsheimer's valuation model, the autonomous driving business currently accounts for approximately 70% of Tesla's total valuation, making the execution effectiveness of future technologies even more critical. Dorsheimer is not the only analyst to change the valuation logic for Tesla. Across Wall Street, analysts are increasingly viewing Tesla as a portfolio of future technologies rather than just a pure electric vehicle giant. While there is still disagreement on Tesla's upside potential from various parties, a core consensus has emerged: the percentage of the automotive business in Tesla's valuation is continually shrinking. Additionally, much of the growth potential of Tesla's non-automotive businesses is already reflected in the current stock price, meaning the company's future development is almost risk-free.