Despite growing doubts following the recent presentation of Tesla's Robotaxi project, analysts at Canaccord Genuity remain optimistic about the tech firm's future. While investors were concerned about the lack of concrete details and ambitious timeline, Canaccord believes Tesla has a long-term strategy that can deliver significant success.

Analysts at Canaccord Genuity remain optimistic about Tesla $TSLA's long-term prospects , despite growing skepticism following a recent presentation at an event dedicated to the Robotaxi project. The event, which showcased Tesla's ambitions for autonomous driving, raised concerns among investors and experts, primarily due to a lack of technical detail and an overly optimistic timeline.

Many investors and analysts expressed disappointment at the lack of concrete information and doubted Tesla's ability to implement its plans within the announced timeline. Analysts at Canaccord Genuity are aware of these concerns, but also note that $TSLA's long-term strategy may bear fruit. They say investors should view the situation in a broader context and not limit themselves to short-term doubts.

The event, held at Warner Bros. studios, featured a presentation of not only the Robotaxi project, but also the larger Robovan vehicle (both designed for autonomous transportation). While the presentation brought a lot of enthusiasm and attention, the details regarding the technology and development were rather disappointing, according to analysts. "The details were minimal. And in terms of timing, we have major doubts," Canaccord analysts said.

They are particularly skeptical about whether Tesla can actually bring Robotaxi into service by 2026, as has been suggested. Moreover, analysts aren't convinced that the company's approach of relying solely on cameras and neural networks is the right way to achieve fully autonomous driving at this point.

One of the main issues they pointed out is the current level of Tesla's Full Self-Driving (FSD) technology. Independent tests show that the system requires driver intervention on average every 13 miles (approximately 21 km), well beyond the expectations that would allow for widespread deployment of the technology.

Another challenge Tesla faces is the profitability of the system. Canaccord says that in order to justify the high cost of AI development and hardware - particularly the huge investment in chips from Nvidia - massive deployment of the technology will be required. To achieve cost parity with competing solutions will require millions of customers to purchase FSD and Robotaxi technology.

Even though the current results raise some skepticism, analysts point out that Tesla still dominates in several key growth areassuch as electric vehicles (EVs), robotics, artificial intelligence and energy storage. These areas have great growth potential, they say, and Tesla will continue to play a significant role in them.

"We urge investors to change their perspective and acknowledge that the current cynicism may be overdone. Tesla operates in high-potential markets that are only at the beginning of their development," the analysts conclude.

Canaccord also points out that Tesla is not the only company that sees huge potential in autonomy and robotics. Although Tesla has faced challenges in meeting deadlines in the past, analysts remain confident in its ability to take advantage of a "set of generational opportunities."

In closing, Canaccord reiterates his recommendation to buy Tesla stock and encourages investors to reject current skepticism and adopt a more realistic, yet optimistic, view of the company's future.

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Source: Investing.com