FILE PHOTO: The Tesla Cybercab is displayed at a Tesla store in Berlin, Germany, November 20, 2024. REUTERS/Liesa Johannssen/File Photo
(Reuters) - Tesla aims to start its robotaxi service with a company-owned fleet backed up by human teleoperators for safety, Deutsche Bank said in a note after a meeting with the company's head of investor relations.
The electric vehicle maker still is shooting for a launch of its cheaper vehicle in the first half of next year and other models later in the year, the bank said after the meeting with investor relations chief Travis Axelrod. It published the note on Friday.
Tesla plans to launch robotaxi service in California and Texas next year, Deutsche Bank said. Tesla had set that goal earlier this year.
Axelrod did not respond to a request for comment.
"Tesla believes it would be reasonable to assume some type of teleoperator would be needed at least initially for safety/redundancy purposes," the bank said in the note. "Management intends to start off entirely with the company-owned fleet" and to use an internally developed ride-hail app, it said.
Deutsche Bank also raised its price target for Tesla shares to $370 from $295. Tesla shares were trading down nearly 1% at $386.04 on Monday.
(Reporting by Rachael Levy, Abhirup Roy and Chris Kirkham; Editing by Peter Henderson and Matthew Lewis)
