Tesla Inc received a reiterated Sell rating from GLJ Research analyst Gordon L. Johnson, who maintained a price target of $24.86.

The firm’s stance reflects a persistent negative outlook on the electric vehicle manufacturer. The specific valuation implies significant downside from current market levels, though the source does not detail the underlying operational drivers for this assessment.

Tesla Inc. faces mounting investor pressure ahead of its October 21 earnings call, with questions focusing on the Cybercab retail launch and Full Self-Driving (FSD) hardware upgrades.

The queries follow the recent expansion of the Robotaxi fleet in Austin to 300+ Cybercabs, an 8x increase in 30 days. Investors are seeking clarity on when customers can purchase Cybercabs for private ownership and how insurance liability will be handled for fleet operators.

Cybercab retail debut and fleet scaling

Investors on the Say platform asked about the timeline for the Cybercab's retail debut. One shareholder representing over 444,000 shares inquired, "When will the CyberCab be available for customer purchase/ownership?" Another investor representing over 515,000 shares questioned how the fleet scales beyond Austin, given the National Highway Traffic Safety Administration’s open safety review.

Concerns regarding the business model also surfaced. With CEO Elon Musk previously describing the service as a combination of Airbnb and Uber, investors asked whether Tesla would assume full responsibility for insurance if owners operate their own robotaxi fleets.

Hardware 3 FSD upgrade demands

A significant portion of investor inquiries centered on the limitations of Hardware 3 (HW3) vehicles. Tesla has acknowledged that HW3 cannot support unsupervised FSD, prompting questions about compensation and upgrade paths.

• An investor representing over 261,000 shares asked when owners will know if they can upgrade their hardware for free.
• Another shareholder with over 161,000 shares sought clarity on whether technical work on HW3 upgrades has begun or is waiting on HW5 production.
• Critics noted that HW3 cannot attain the "Full FSD" promised in April 2019, questioning how Tesla will compensate owners who purchased the capability outright.

Mapping issues were also highlighted, with users citing problems in recognizing speed limits, parking, and typical routes. Some suggested authorizing verified owners to provide map input to improve accuracy.

New product speculation and Optimus costs

Beyond autonomous driving, investors pressed for details on potential new products. A shareholder representing over 174,000 shares requested a full-size van for passengers and cargo. Questions also emerged regarding the Optimus humanoid robot, specifically its cost per unit and when it will begin generating revenue.

Musk has hyped the upcoming Roadster demo, calling it potentially the "greatest product demo" of all time, fueling speculation about hovering capabilities.

Market context and regulatory hurdles

The fleet expansion occurs as Tesla rebrands "Full Self-Driving (Supervised)" to "Tesla Assisted Driving" in Europe following German regulatory criticism. The company delivered 486,532 units in Q3FY26, exceeding analyst predictions of approximately 462,000 units.

TSLA shares fell 1.59% to $361.31 during pre-market trading on Thursday.