Goldman Sachs Maintains $400 PT on Tesla

Goldman Sachs analyst Mark Delaney reiterated on December 16, 2025, its $400 price target on Tesla, while maintaining a ‘Neutral’ rating on the stock.

“Per multiple X posts by key Tesla executives, Tesla began testing robotaxi rides in Austin with no safety monitor over the weekend.

Recall Tesla had previously commented that it planned to launch its ridehail service with robotaxi technology in 8-10 metros by the end of the year (including upcoming launches in Las Vegas, Phoenix, Dallas, Houston, and Miami) and was targeting to have the safety observer out by year-end in Austin.

We believe that removing the monitor for testing shows that Tesla is making progress with its autonomous technology.

We think the key focus from here will be how fast Tesla can scale driverless operations (including if Tesla’s approach to software/hardware allows it to scale significantly faster than competitors, as the company has argued), and on profitability.

We also believe Tesla is making progress with its autonomy software for consumer vehicles (which is FSD).

We continue to expect autonomy (both FSD and robotaxis) to be key drivers of Tesla’s growth, but we expect competition to gate the level of profitability improvement, and we are Neutral rated on the stock.”

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