JPMorgan’s Robotaxi Pivot: Tesla’s Fleet Wins Big, Users Remain on the Sidelines

JPMorgan projects roughly $320 billion in Tesla robotaxi revenue by 2035, with about $314 billion flowing to a Tesla-owned fleet rather than individual owner cars, reframing the opportunity as a capital-heavy mobility operator model. The note comes as Tesla reports Q2 2026 revenue of $28.24B with slim margins and negative free cash flow, highlighting the capital and regulatory risks needed to reach the upside.