JPMorgan projects Tesla robotaxi revenue to reach $320B by 2035

JPMorgan analyst Rajat Gupta just put a number on Tesla’s robotaxi ambitions that’s hard to ignore: $320 billion in revenue by 2035. But the real story isn’t the size of the figure. It’s where that money is expected to come from. According to Gupta’s research note, roughly $314 billion of that total, about 98%, would flow from a Tesla-owned and operated fleet. The customer-operated “Tesla Network,” once pitched as a way for Tesla owners to earn passive income by lending their cars to a ride-hailing service, would contribute a comparatively modest $5 billion. The death of the passive-income dream For years, Elon Musk painted a picture where Tesla owners could make money while they slept. The idea was simple: your car drives strangers around while you’re at work, and you pocket the revenue. JPMorgan’s analysis essentially retires that storyline. Gupta’s note reframes Tesla’s autonomous ride-hailing strategy as a vertically integrated, capital-intensive operation. Think less Airbnb-for-cars, more Waymo-with-better-margins. Tesla would own the vehicles, manage the fleet, and capture nearly all the economics. JPMorgan’s upgraded outlook This $320 billion projection didn’t emerge in isol...