Cybercab goes viral, Berlin factory achieves record production! Behind the Tesla (TSLA.US) buzz, Phillip Securities still sees a 38% downside

According to Zhitong Finance App, Tesla (TSLA.US) saw its shares rise nearly 1% in pre-market trading on Monday after the Cybercab made a high-profile appearance at the Austin F1 circuit, the Berlin factory reached a production milestone, and new details about the Roadster were leaked. However, Phillip Securities remains pessimistic about its valuation. Tesla closed down 0.6% at $372.22 last Friday, but ended the week up 5%, marking its strongest weekly performance since late August.

Cybercabs "surround" Austin F1, autonomous fleet rapidly expanding

Tesla's ambitions for autonomous driving were showcased in concentrated form around the Circuit of the Americas in Austin last Sunday. On-site photos showed golden Cybercabs and Model Y autonomous taxis lined up near the venue. Tesla's AI software lead Ashok Elluswamy posted on X: “The line of autonomous taxis feels endless!” Tesla investor and influencer Sawyer Merritt said that by noon, over 50 Cybercabs were already transporting passengers.

According to community tracker Cybercab Spotter, there were 1,250 Cybercab sightings in Austin last Saturday, with 1,159 (about 93%) classified as driverless. Robotaxi Radar said both the total and autonomous sightings hit record highs.

Last week, Tesla expanded its Austin service range to reach the circuit and extended ride-hailing request times to 1 a.m., while putting drop-off restrictions near the venue during late-night hours. CEO Elon Musk recently stated during an earnings call, “It’s hard to overstate this. Autonomous miles are growing at an extremely rapid week-over-week pace. For example, the Cybercab fleet in Austin has grown tenfold since launching about a month ago.”

Tesla began offering paid Cybercab rides in Austin on September 3, and as of October 10, there were over 300 operating in the city. The company aims to provide 24/7 autonomous taxi service and deliver the first customer units by year-end, but expects the majority will remain Tesla-owned. This expansion comes just as Tesla faces a regulatory deadline (last Friday) to respond to U.S. safety officials regarding certification of Cybercabs without steering wheels and pedals.

Berlin factory ramps up production, new Roadster details reveal version differences

Meanwhile, Berlin factory manager Andre Thierig announced that, with round-the-clock operation over the weekend, weekly Model Y production hit a new high of 7,000 units, though still 500 short of the 7,500 target. Thierig posted on X: “Producing 7,000 cars in a week is tough work for the whole team! We'll keep climbing from here. The job's not done yet!”

Tesla plans to apply in December for approval to build a second production hall of about 536,000 square meters. This push for capacity comes as Musk said demand now outstrips supply, partly driven by Full Self-Driving (FSD) adoption. On the earnings call he stated: “Demand for our vehicles is growing rapidly and now significantly exceeds our production.” Tesla also claims its passenger car backlog is the largest in four years, with battery supply limiting output.

Leaked Tesla Roadster press material circulating on X reveals key differences between the entry-level Performance, premium Thrust, and Rocket versions. The Performance version lacks cold gas thrusters, gold-tinted windows, and the “Supersonic” interior found in higher trims. The frost-protective Ano White paint is exclusive to Rocket.

The document states: “All vehicles shown on the product page are Thrust or Rocket versions,” meaning Tesla’s online images do not show the base version. There are contradictions regarding the doors: guidelines say Performance should not be described as having butterfly doors, while the comparison chart lists all three versions with dual-fold doors with removable roof panels. The Rocket version has 10 thrusters for acceleration, lift, and yaw control, whereas Thrust has 4 rear thrusters. Tesla claims the Rocket variant can accelerate from 0-60 mph in 0.59 seconds. Pricing is yet to be announced. Preorders require $50,000 for Performance, $250,000 for Thrust, and Rocket is by invitation only.

Phillip Securities raises target price but maintains "Sell," retail sentiment turns bearish

Last Friday, Phillip Securities raised Tesla's target price from $220 to $230 but maintained its “Sell” rating, implying about 38% downside from the current price. The firm says spending increases offset margin improvements. Tesla's operating expenses rose 39% year-on-year, and operating margin fell from 5.8% to 2.6%. Adjusted third-quarter EPS was $0.48, above market expectations of $0.45; revenue was $28.05 billion, flat year-on-year. Free cash flow totaled $1.53 billion, and active FSD subscriptions reached 1.74 million.

On Stocktwits, as message activity remains “high,” retail sentiment on Tesla has flipped from “bullish” a week prior to “bearish.” One user wrote: “$TSLA autonomous driving party is over. Class action lawsuits are about to start, and the Autopilot cases are still ongoing.” Another user said: “$TSLA is still at $370 and climbing weekly, which surprises me! The earnings report was terrible.” Year-to-date, Tesla shares underperformed fellow Magnificent Seven tech stocks, falling about 17%—the worst among the group.